Global buyout house Advent International has bought a 51 per cent stake in Argentinian payments business Prisma Medios de Pago in a deal valuing the company at about $1.42bn.
The buyout from a group of 14 Argentinian banks and Visa International marks Advent’s sixth investment in Argentina and eighth investment in the payments sector globally since 2008.
Prisma is one of Latin America’s largest payments providers, providing point-of-sale rental, e-commerce gateway, transaction processing and other value-added services.
It also specialises in payments processing, electronic bill payments and operates ATMs.
Advent managing partner Juan Pablo Zucchini said, “Prisma Medios de Pago is the leading player in a market poised for strong growth driven by the increasing penetration of electronic payments in Argentina.
“We look forward to working with the management team and other shareholders to accelerate the company’s development by investing in next-generation products and services and exploring international expansion opportunities.”
Advent International has invested or committed $3.8bin in eight payments companies in the last ten years, with a combined enterprise value of $35bn.
Those businesses include Monext (France), Vantiv (US), Worldpay (UK), Nets (Denmark), Nexi (Italy), Concardis (Germany) and Clearent/FieldEdge (US).
The Prisma transaction is expected to be completed at the end ofthis month.
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