Afterpay, the leader in “Buy Now, Pay Later” payments, announced that it has entered into an agreement with NBQ Corporate SLU to acquire Pagantis SAU and PMT Technology SLU.
Pagantis is a European company that offers payment services for ecommerce merchants across Spain, France, and Italy.
According to Afterpay ”Southern Europe has an addressable ecommerce market which exceeds €150b (US$[177b) across Spain, Italy and France. With large millennial populations, a strong fashion and beauty market, and significant consumer debit card usage, there is a strong opportunity to offer BNPL services”.
As part of the agreement, NBQ will receive a minimum €50m, with €5m in cash payable at completion of the acquisition and a deferred consideration of a minimum of €45m, payable three years after completion of the agreement.
Deferred consideration can exceed €45m, provided the equity value of Pagantis exceeds €45m after three years.
Afterpay will offer Pagantis’ BNPL products under its European brand, Clearpay. Pagantis founder and CEO, Rolf Cederström, will continue leading the new European team.
Pagantis’ existing credit products will be discontinued.