Ireland's AIB, U.S. First Data JV to acquire Payzone for $112 mln

A newly formed joint venture between Allied Irish Banks (AIB Group plc), an Irish commercial banking services provider, and U.S. First Data, a merchant services acquirer, revealed that it will buy payment solutions provider Payzone.

The venture will buy a majority stake in Payzone from existing shareholders, including Carlyle Cardinal Ireland Fund, for an enterprise value of up to 100 million euros ($112 million).

Payzone noted that the deal will grow its footprint in the financial technology sector and will be enhanced further with the backing and support of its new shareholders.

The company added that the change in ownership will have no impact on its day-to-day business operations. Completion of the move is subject to approval from the European and Irish competition authorities.