Motsepe to invest in Lesaka as it inks R1.6bn deal for Adumo

Lesaka Technologies has agreed to acquire payments technology firm Adumo for R1.59 billion in a cash-and-share deal that brings in Patrice Motsepe's African Rainbow Capital (ARC) as an investor.

Lesaka, formerly Net1, intends to pay R232 million in cash, and issue shares representing about a quarter of what it has in issue, in order to acquire Adumo - SA's largest independent payments processor.

The transaction will add more than 23 000 merchants and a primary business, including card-acquiring, integrated payments and reconciliation services amounting to R24 billion a year, Lesaka said in a statement.