Alphyra in €800m reverse take-over of UK card firm

28 Sep 2007

Alphyra, the Irish payment technology company responsible for mobile top-up infrastructure and ATM services has merged with UK firm Cardpoint plc in what is understood to be an €800m deal.

The merged companies will create a new entity known as Payzone. However, the conclusion of the merger will be subject to approval by Cardpoint’s shareholders.

It is understood that following the merger Payzone will be owned approximately 59pc by Alphyra shareholders (being principally Alphyra’s management and Balderton Capital) and approximately 40.9pc by Cardpoint shareholders.

While the companies did not disclose the value of the deal, reports suggest the deal to be worth up to €800m.

Alphyra, headed by John Nagle, operates electronic payment and mobile credit top-up machines while Cardpoint operates more than 6,000 cash machines throughout the UK and Germany.

By John Kennedy