News: iCash Payment Systems to acquire ATM services provider Stargroup

iCash Payment Systems (ASX:ICP) has signed a binding Heads of Agreement to acquire Australian end-to-end ATM deployment and electronic payment services provider Stargroup Limited.

Stargroup has 50 ATMs deployed in Western Australia, Queensland and New South Wales. It currently processes 480,000 transactions per annum.

The combined entity will have 80 ATMs that will process 580,000 transactions per annum.

iCash is acquiring Stargroup for 91,666,667 shares.

Following completion of the acquisition, which is subject to certain conditions and expected to be completed in March 2015, former Ezeatm managing director Todd Zani will become iCash’s chief executive officer and executive chairman.

Two other Stargroup Directors will also join the iCash board.

Stargroup is undertaking a pre-acquisition placement of $3 million.

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