9 July 2024
GSTechnologies
Limited
("GST" or
the "Company")
Acquisition
Updates
GSTechnologies Limited (LSE: GST),
the fintech company, is pleased to announce that it has entered
into a conditional agreement to acquire the entire issued share
capital of Bonfirepay SL ("Bonfirepay"), a company incorporated and
operating under the laws of Spain. This acquisition is
expected to be a significant step in the Company's planned
strategic expansion across Europe.
The acquisition of Bonfirepay is
aimed at enhancing Angra Global's B2B-focused cross-border payments
and currency exchange services throughout the European Economic
Area (EEA). Having a presence in Spain, through Bonfirepay,
will enable Angra Global to collaborate with a broader network of
European banks, non-banking financial institutions, and foreign
currency providers, thereby reducing remittance costs and
accelerating revenue growth.
The completion of the acquisition is
conditional on the finalisation of Bonfirepay's registration as a
Small Payment Institution (SPI) with the central bank of
Spain.
Tone Goh, Chairman of GST, commented:
"There are an estimated 24.4 million small to
mid-size businesses operating across the EU. This acquisition
will enable us to expedite our mission to make cross-border
payments faster, cheaper, and more transparent for millions of
European businesses. I look forward to providing further
updates in due course as we continue to rapidly expand our network
and fintech offerings in Europe."
EasySend Acquisition Update
The Company is also pleased to
provide an update on the acquisition of 60% of the share capital of
EasySend Ltd ("EasySend"), as announced on 29 November 2023.
The parties have mutually agreed to extend the period for
entering into a definitive sale and purchase agreement until 30
November 2024. This extension will allow both parties time to
refine the post-acquisition integration plan to ensure the
acquisition aligns with GST's strategic objectives.
As part of the preparation, the
seller is working on a comprehensive business plan for Angra
Global's expansion into Poland. The Polish market represents
a significant opportunity for Angra Global, and EasySend's
expertise and resources are expected to play a pivotal role in this
expansion.
Apart from the extension, all other
terms and conditions in the option to purchase agreement, as
previously announced, remain unchanged and both parties remain
committed to successfully completing the acquisition.
Further announcements will be made
regarding the progress of both acquisitions in due
course.
Enquiries:
The Company
Tone Goh, Executive
Chairman
+61 8 6189 8531
Financial
Adviser
VSA
Capital Limited
+44 (0)20 3005 5000
Simon Barton / Thomas
Jackson
Broker
CMC
Markets
+44 (0)20 3003 8632
Douglas Crippen
Financial PR & Investor
Relations
IFC
Advisory Limited
Tim Metcalfe / Graham Herring /
Florence Chandler
+44 20 (0) 3934 6630
gst@investor-focus.co.uk
For more information please
see: https://gstechnologies.co.uk/