By Dean Seal
Business-to-business payments provider PayMate India said Tuesday that it has signed a binding term sheet to acquire DigiAsia Bios Pte, a fintech-as-a-service company.
The Mumbai and New York-based company said it had been looking to acquire an Indonesia-based subsidiary of DigiAsia.
The proposed deal gives the DigiAsia business an enterprise value of $400 million. PayMate said it intends to invest up to $25 million in cash, with an aggregate financing structure and other terms yet to be finalized.
The parties are still performing joint due diligence and identifying the right transaction structure, PayMate said. They are also working to obtain the necessary corporate and regulatory approvals, which is expected to take up to 60 days.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
September 24, 2024 07:13 ET (11:13 GMT)
Copyright (c) 2024 Dow Jones & Company, Inc.
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