W.A.G Payment Solutions Cancels Stake Acquisition in JITpay
W.A.G Payment Solutions, also known as Eurowag, has announced that it will not proceed with the purchase of an additional 18.01% stake in JITpay for 25.7 million euros ($27.7 million).
In a recent statement, Eurowag cited that the termination of the sale was due to certain financial status conditions that were not met. Initially, the company had revealed its intention in July to acquire the stake from JITpay founders, management, and Volksbank eG Braunschweig Wolfsburg.
The transaction was contingent upon customary closing conditions, which included regulatory approval and was anticipated to be finalized in the first half of 2024. Additionally, the put and call option for the remaining 72% shareholding in JITpay will not be exercised.
Going forward, Eurowag expressed its commitment to engage in discussions with other stakeholders in JITpay and explore potential opportunities for future collaboration. Previously, in 2022, Eurowag had announced plans to purchase a 9.99% stake for EUR14.3 million.
At 1600 GMT, shares of Eurowag were observed to be down 0.2 pence, or 0.2%, at 87.8 pence.
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