Mills & Reeve advises PayPoint on £26.5m mobile payments business sale

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1 min read

We have advised PayPoint plc on the £26.5 million sale of its mobile payments business to Volkswagen Financial Services AG.

Corporate finance partner Tom Pickthorn led an international team advising Welwyyn-based PayPoint on the transaction, along with our “best friend” relationship firms, FIDAL in France and Bull Housser in Canada. 

The sale marked the conclusion of a two-year restructuring programme and followed the sale of the company’s online payments business in line with PayPoint's strategy of narrowing its focus on multi-channel payments in territories in which it has retail networks. The mobile payments business comprised PayByPhone Technologies Inc., PayByPhone Limited, Mobile Payment Services SAS and Adaptis Solutions Limited. 

The PayPoint retail network across the UK numbers over 28,200 local shops (including Co-op, Spar, McColls, Costcutter, Sainsbury's Local, Tesco Express, One Stop, Asda, Londis and thousands of independents), where it processes energy meter pre-payments, bill payments, benefit payments, mobile phone top-ups, transport tickets, BBC TV licences, cash withdrawals and a range of other transactions. 

The company handles almost £10 billion from over 694 million transactions across the globe annually. 

Tom Pickthorn said: "This deal is a further example of our strong track record in advising technology businesses on strategic transactions.” 

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