Qiwi buys 70% stake in Contact, Rapida, will receive remaining 30% before end of July
MOSCOW. June 3 (Interfax) - Qiwi has acquired 70% of the Contact money transfer system and the Rapida processing system from Otkritie Group.
"Qiwi plc today announced that it has completed the acquisition of a 70% interest in the Contact money transfer system and the Rapida payment processing system in exchange for the issuance of 3,915,129 class B shares to Otkritie Financial Group pursuant to Qiwi's agreement to acquire 100% ownership of Contact and Rapida previously announced on May 14, 2015. Qiwi anticipates that it will acquire the remaining 30% interest in Contact and Rapida from Otkritie in exchange for the issuance of 1,677,912 class B shares to Otkritie before the end of July 2015, subject to the satisfaction of various closing conditions," Qiwi said in a statement.
The stake, which Otkritie will receive as a result of the deal, will amount to 9.3% of Qiwi's capital.
The deal was announced in May. As a source familiar with the intentions of the parties to the deal told Interfax then that Otkritie is not planning to sell its stake in Qiwi in the foreseeable future.
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