Ingenico Group has announced the signing of an agreement in order to acquire Paymark, a leading New Zealand payment network, for a global consideration of $138 million, according to a press release.

The sale agreement, signed between Ingenico Group and the shareholders of Paymark (ANZ, ASB, BNZ and Westpac), includes the extension of the service agreement currently in force between Paymark and the four leading acquiring banks.

The Paymark network is connected to all major card issuers and merchant acquirers and to more than 80,000 merchants in New Zealand, and processes some 1 billion transactions annually. 

Closing is expected to occur during the second quarter of 2018. The transaction is subject to relevant regulatory consents. Paymark will be integrated within the Banks & Acquirers business unit.