The total share package of the Uruguayan Payment Methods Company SA will be acquired by Spanish fintech Minsait Payments. The local company owns TotalNet, he largest payment processor that operates in Uruguay.
Minsait is the Spanish fintech, owned by the technology company Indra, which has already signed a binding agreement to acquire all of TotalNet’s shares. In any case, the effective closing of the operation is subject to the authorization of the Central Bank of Uruguay (BCU).
As reported by the technology company focused on comprehensive management of payment methods In an official statement, it is expected that the transaction can be completed during the first half of 2024. In the same document they indicated that TotalNet’s value proposition “completely aligns” with the activity they already promote from their brand.
In addition, they indicated that the Uruguayan firm will reinforce Minsait Payments’ offer in the acquisition business linethat is, the ability to process payments made by card by customers of a trade or business.
The executive director of Indra and general director of the Spanish fintech, Luis Abril, indicated that with the acquisition, “Minsait Payments, one of Minsait’s verticals that has the best numbers and results, improves its position in the payments industry in Latin America, and reinforces its commitment to a large market that grows consistently above the Gross Domestic Product (GDP). The new operation also makes it easier for the brand to “continue earning scale”, and contributes “to the creation of value for our shareholders, employees and customers,” added Abril.
For his part, the CEO of TotalNet, Alberto Mello, He stated that the agreement “is great news” and “a show of confidence towards Uruguay, by a leading global firm in technology and payment methods, which considers us an attractive and solid market for its investments”. The change “will allow us to accelerate our growth and innovation strategy, adding new solutions in means of payment,” highlighted the CEO.
Another Uruguayan company is acquired by foreign capital
At the beginning of the month, the company Argentina Morixe bought the historic firm Uruguayan Gibur SA, in an important operation, in which it invested more than 4.5 million dollars to continue positioning itself in the Mercosur with its regionalization strategy.
Gibur is a company that has been in existence for 41 years and has been dedicated to the marketing of food since 1982, mainly based on products such as olives, tomato pulp, fruit juices and dressings. The company highlighted the high quality standards resulting from having state-of-the-art machinery, thanks to a historic agreement with the Technological Laboratory of Uruguay (LATU).
Source: Ambito
