Global Payments Completes Public Tender Offer and Obtains 98 Percent Interest in MUZO

Monday 24 May 2004 14:07 CET | News

Global Payments has completed a public tender offer for the outstanding shares of MUZO, a.s. Global now owns approximately 98 percent of MUZO, which is the largest payment processor in the Czech Republic.

In February of this year, Global announced it had acquired from Komercni banka, a.s. (KB) a 52.6 percent interest in MUZO for USD $34.7 million in cash. Following this transaction, Global commenced a public tender offer to acquire the remaining outstanding shares of MUZO. The public tender offer concluded on May 14, 2004 and resulted in Global obtaining 46,576 additional shares of MUZO for CZK 769 million, or approximately USD $30 million in cash. Global intends to further pursue ownership of the remaining 2% of MUZO, and expects it will own 100% of the company by the end of fiscal year 2005. Based in Prague, MUZO has served financial institutions since 1992 with a comprehensive package of payment services including credit and debit card transaction processing, installation and servicing of ATM and POS terminals, as well as card issuing services. Petr Sedlacek, CEO of MUZO, will continue to manage the day-to-day business while spearheading Globals pan-European expansion.

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Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce