Lesaka to acquire Adumo RF for $85.9M

Lesaka has signed a definitive agreement to acquire Adumo RF for $85.9M. The transaction is subject to shareholder and regulatory approvals. The purchase consideration will be settled through the combination of an issuance of 17,279,803 shares of Lesaka common stock to Adumo’s current ultimate shareholders plus $12.5M in cash, funded by internal cash resources and external financing. Adumo’s ultimate shareholders include Apis Growth Fund I, a private equity fund managed by Apis Partners, African Rainbow Capital, the largest shareholder of Crossfin, as well as the International Finance Corporation and Adumo management. After giving effect to the acquisition, Lesaka’s ecosystem will serve 1.7M active consumers, 119,000 merchants, and process over ZAR 250B per year. The Group will have over 3,300 employees operating on the ground in 5 countries: South Africa, Namibia, Botswana, Zambia, and Kenya. Adumo serves approximately 23,000 active merchants.