Buy now, pay later company Afterpay will enter Europe through an an agreement with NBQ Corporate SLU to acquire Pagantis SAU and PMT Technology SLU.
Pagantis is a European company that offers payment services for e-commerce merchants across Spain, France and Italy.
Through this deal, Afterpay is hopeful about entering the southern European e-commerce market which exceeds $177bn.
“Our momentum to date has given us the confidence to expedite our expansion into new global regions,” said Anthony Eisen, co-founder and CEO of Afterpay. “Entering into such internationally relevant markets like the US and the UK and seeing our growth outpace what we experienced in our more mature Australian market, validates the appeal of our product on a global scale.
“Acquiring Pagantis provides us with the necessary regulatory licensing, resourcing and infrastructure to expedite the launch of Afterpay into key countries in Southern Europe and beyond.”
As part of the agreement, NBQ will receive a minimum €50m, with €5m in cash payable at completion of the acquisition and a deferred consideration of a minimum of €45m, payable three years after completion of the agreement. Deferred consideration can exceed €45m, provided the equity value of Pagantis exceeds €45m after three years.
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