Thursday 27 November 2014

Payments firm Payzone sells Swedish subsidiary

Sarah Stack

Published 11/08/2014 | 14:55

Payzone Group: Swedish subsidiary sold

Irish-based payments firm Payzone has sold the Swedish arm of its business.

Payzone is the largest consumer payments network in Ireland with over 2,000 retailers selling a variety of electronic transactions including mobile phone top ups, debit/credit card transactions, M50 motorway tolls and Leap travel cards.

Its Swedish subsidiary Payzone Nordic AB, a market leader in the retail, hotel and restaurant sectors, was sold to Pan Nordic Payment transaction services provider, Nets.

The terms of the deal have not been disclosed.

Payzone chief executive Mike Maloney said the deal was a strategically significant one for Payzone’s shareholders.

“Having developed the business to this point, we are pleased to be selling to such an accomplished player in the Nordic payments market,” he added.

Over 150 million transactions are processed annually throughout the Payzone Group, which is one of Europe’s largest branded payments network with services in Ireland, the UK, Greece and Romania.

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