Redington announces divestment of fintech payments business in Turkey | Capital Market News

Step-down subsidiary Arena to sell its 100% stake in Paynet

Redington announced that its step down subsidiary, Arena Bilgisayar Sanayi Ve Ticaret A.S, Turkey (Arena), a company listed in Istanbul, Turkey, that a definitive agreement has been executed on 06 May 2024 between Arena and Iyzi Payment and Electronic Money Services Inc, Turkey ( Iyzico), for the sale of 100% of the equity / ownership interest held by Arena in its fintech payments business, Paynet eme Hizmetler A. (Paynet), which is a wholly owned subsidiary of Arena.

Consequently, Paynet will cease to be a subsidiary of Arena. This divestment is subject to obtaining necessary regulatory approvals, as applicable, including approvals from the Central Bank of the Republic of Turkey and the Turkish Competition Authority, and also subject to mutual fulfilment of the conditions as per the Agreement

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