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08 Apr 2021 | 08:56

Network International revises terms of DPO acquisition

(Sharecast News) - Digital commerce enabler Network International said on Thursday that it had revised the terms of its proposed acquisition of DPO Group. Network said that the co-founders of DPO will now receive approximately 50% of their consideration in Network shares, with a 12-18 month lockup period, but noted that the total transaction consideration and overall mix of cash and shares remained unchanged.

The FTSE 250-listed firm stated it will make a total consideration of approximately $288.0m, with $63.0m being satisfied via the issuance of new shares at 410.0p each.

Network reiterated that DPO was "a highly attractive e-commerce payments business" and added that it had traded "strongly" through 2020, with over 30% year-on-year growth in total processed volume.

As of 0855 BST, Network shares were down 1.42% at 439.20p.
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