Arena, a subsidiary of Redington has successfully completed the divestment of its wholly owned financial technology startup, Paynet, to Turkey’s leading payment systems company, Iyzico. The deal, valued at US$89.29 million all inclusive, received approvals from the Turkish Competition Authority and the Central Bank of the Republic of Turkey, making it one of the largest acquisitions between two Turkish technology companies. Consequently, the share transfer and sale process has been completed upon the mutual fulfillment of the conditions outlined in the definitive agreement signed on May 6, 2024.
"This divestment is a strategic milestone for Arena as we sharpen our focus on technology distribution while ensuring Paynet continues to grow under iyzico’s leadership," said Serkan Çelik, CEO of Arena Group. "Paynet’s expertise in B2B and B2B2C payments has been instrumental in digitizing transactions for businesses of all sizes. With iyzico’s strength in B2C payments, this collaboration will create a fintech powerhouse, driving innovation and empowering businesses and individuals in an increasingly digital world."
"At Redington, we continuously evaluate our portfolio to ensure alignment with our long-term growth strategy. The divestment of Paynet to iyzico is a strategic move that allows us to sharpen our focus on core business areas while enabling Paynet to thrive under new leadership. This transaction also positions us to better navigate the Turkish market and strengthen our presence in the region. We are confident that this transition will drive value for all stakeholders, and we wish both teams great success in this new chapter,” said V. S. Hariharan, Group CEO, Redington Limited.
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