Lesaka Technologies Agrees To Acquire 100% Of Issued Ordinary Shares Of Bank Zero Mutual Bank In Cash-And-Stock Deal Valued At $5.1M Plus 12% Equity

Author: Benzinga Newsdesk | June 26, 2025 03:09pm

Lesaka Technologies, Inc. (NASDAQ:LSAK, JSE: LSK))) ("Lesaka" or "the group") today announced that its wholly-owned subsidiary, Lesaka Technologies Proprietary Limited, has entered into an agreement to acquire (directly and indirectly) 100% of the issued ordinary shares of Bank Zero Mutual Bank ("Bank Zero"). The acquisition consideration will be settled through a combination of newly issued shares - such that the shareholders of Bank Zero will own approximately 12% of Lesaka's fully diluted shares at the time of completion of the proposed transaction - and up to ZAR 91 million ($5.1 million) in cash. All amounts translated at the closing rate of $1: ZAR 17.75 as of June 25, 2025.

The proposed transaction is subject to the satisfaction of customary closing conditions as well as regulatory approvals ordinarily required of a transaction of this nature, including approval from the Prudential Authority, a division of the South African Reserve Bank, Competition Commission approval and Exchange Control approval.

Posted In: LSAK