(Ecofin Agency) – Engaged since 2010 in an operation to extend its activities outside Morocco, the multinational HPS is heading for Mauritius with the takeover of a payment processing company.
Listed on the Stock Exchange of Mauritius, the Mauritius Commercial Bank (MCB) has agreed to sell all 80% of shares held in ICPS.
An agreement has been concluded in this direction with the Moroccan HPS. Financial details of the transaction were not disclosed.
This acquisition is part of the strategy for growth and development abroad of HPS, a company engaged in the provision of payment solutions and services for issuers, retailers, mobile network operators through the world.
This strategy, which began in 2010, has enabled HPS to acquire several companies operating in the same sector of activity. At the start of the year, it finalized the takeover of the IPRC, which supervises nearly 5,500 ATMs on behalf of around 30 banks in Morocco and Africa.
This new acquisition aims to “Position HPS as a major payment player in Africa”. HPS, which had a 20% stake in ICPS, a Mauritian company that offers payment processing services to banks and financial institutions before this agreement, will hold all of the company’s shares at the end of this process.
With a rich portfolio of around thirty clients in more than 22 countries in Africa and Asia, ICPS will combine its activities with those of HPS. This merger will benefit clients of both structures. The partnership will also allow the two entities to extend their services to around thirty countries.
Chamberline Moko
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