PayMate enters binding term sheet for potential DigiAsia acquisition

PayMate India has entered into a binding term sheet for the potential acquisition of DigiAsia Bios, a Fintech-as-a-Service company in Indonesia and a fully owned subsidiary of DigiAsia Corporation. Under the terms of the Proposed Transaction, an enterprise valuation of $400 Million for DigiAsia’s business has been determined. Additionally, post the Proposed Transaction, PayMate intends to invest up to $25 Million in cash, the aggregate financing structure and terms will be finalized in mutual agreement. PayMate and DigiAsia will continue joint due diligence on both entities, identification of the right transaction structure, entering into definitive agreements and the necessary corporate and regulatory approvals of PayMate and DigiAsia which is expected to take up to 60 days. Subsequent to the closing of the Proposed Transaction, PayMate intends to initiate proceedings to list the combined entity in India.