HiPay Group, the leading French payments specialist, announced a general meeting for shareholder approval of the proposed sale of its micropayment business, HiPay Mobile. Following the strategy of refocusing on its payment activity, an orientation approved at the end of 2015, HiPay Group initiated the process of divesting under the best possible conditions it’s historical carrier billing activity that operated under the brand HiPay Mobile.
At the end of this process, HiPay Group received two offers, including one from GibMédia, a major French player in micropayment, owned by BJ Invest, a key shareholder of HiPay Group. The offer made by GibMédia proved to be the best bid, both for the price offered by GibMédia and as to the structure of the operation (complete acquisition of the entire business unit including all its employees).
Under these circumstances, the Board of Directors of HiPay Group welcomed the offer made by GibMédia, which it considered to be in line with the best interests of HiPay Group, its shareholders and the employees of the HiPay Mobile business line. In accordance with the recommendations of AMF Doc no 2015-05 regarding the sale and acquisition of significant assets, HiPay Group decided to submit this offer to the HiPay Group General Shareholders Meeting for approval which will be convened 28 July 2017. As of 28 July 2017, all proposed resolution were passed and the transaction was approved by HiPay Group shareholders.
The sale of HiPay Mobile enables HiPay Group to devote itself to the development of its payment business, both in terms of human resources and for its future investments. The payment activity, with its market and the strengthening position of HiPay, has significant potential for growth whereby HiPay will become a pure-player in this market.
About HiPay Group
HiPay Group is a global payment provider processing more than €2bn in transaction volume annually across 150 countries and 220 payment types. By harnessing data analytics, it helps deliver valuable customer insights that enable clients‘ businesses to succeed.
Corestar Partners acted as exclusive financial advisor to HiPay Group.