Irish electronics payment company Payzone has received an investment €45 million from private equity group Duke Capital for a 69pc stake in the company.
Payzone’s banks will also take an equity stake of 16pc, while several members of management will take 15pc of the company.
The amount of debt Payzone owes banks AIB, Bank of Ireland, Royal Bank of Scotland and Abbey National will be reduced from €320 million to €82 million following the deal.
Shares in Payzone, which is listed on the London Stock Exchange, were suspended on Friday pending the outcome of the deal. The company will delist from AIM when the deal is completed.
A new company will be formed by Duke Street, which has more than €2 billion under management.
The financial restructuring is expected to help safeguard 500 jobs in Payzone around the world.
By John Kennedy