JSE- and Nasdaq-listed financial technology company Lesaka Technologies has completed the acquisition of South African prepaid electricity submetering and payment business Recharger for R507-million, comprising R332-million in cash and R175-million in Lesaka shares.
Further, Lesaka extended a R43-million loan to Recharger at closing, which was exclusively used to repay an existing loan owing by Recharger to the seller.
“This acquisition demonstrates positive advancement of Lesaka's strategy in its Enterprise division. The company expects the acquisition to act as an entry point for it into the South African private utilities space while augmenting the Enterprise division's alternative payment offering,” says Lesaka. 