Lesaka Technologies (LSAK) said late Tuesday it agreed to acquire Recharger, a South African prepaid electricity sub-metering and payments business, for 507 million rand ($28.1 million) in a cash-and-stock deal.
The purchase price will be paid in two installments. The first installment will be settled at closing, and the second will be paid a year later. The payment will include 332 million rand in cash and 175 million rand in Lesaka common stock, according to the company.
The company said it will make a contribution of 43 million rand to Recharger at closing, to be used exclusively to repay a loan due by Recharger to the seller.
Lesaka expects the deal to close in its fiscal Q3.
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