THIS ANNOUNCEMENT CONTAINS
INSIDE INFORMATION
20 February 2024
EUROWAG
Eurowag terminates sale and
purchase agreement for additional 18.01% stake in JITpay™
GmbH
W.A.G payment solutions plc
("Eurowag" or "Group"), a leading pan-European integrated payments
and mobility platform focused on the commercial road transportation
("CRT") industry, today announces it has delivered a termination
notice on the sale and purchase agreement ("SPA") connected with
its call option to acquire an additional 18.01% stake in JITpay™
GmbH ("JITpay"), a German provider of factoring and invoice
discounting to the CRT industry.
On 4 July 2023, Eurowag announced
that it had exercised its call option to acquire an additional
18.01%1 share of JITpay for a consideration of €25.7
million and was conditional upon customary closing conditions,
including clearance by the German Bundesanstalt für
Finanzdienstleistungsaufsicht (BaFin), and was expected to complete
in the first half of 2024.
Today, Eurowag has delivered
termination notice on the SPA to the other shareholders of JITpay
on account of certain financial status conditions relating to
JITpay not having been satisfied.
The put and call option over the
remaining 72% shareholding in JITpay will not come into
effect.
Eurowag continues to believe that
receivables finance plays a crucial part of its end-to-end digital
offering to its customers in the CRT industry. Eurowag continues
discussions with the other stakeholders of JITpay and will evaluate
opportunities for future co-operation regarding JITpay and within
the sector.
Notes: 1. On 29 September 2022, Eurowag entered into a
strategic partnership with JITpay when it acquired an initial 9.99%
share for a consideration of €14.3 million.
ENQUIRIES
Eurowag
Carla Bloom
Head of Investor Relations and Communications
+44
(0) 789 109 4542
investors@eurowag.com
About Eurowag
Eurowag was founded in 1995 and is a
leading pan-European integrated payments and mobility platform
focused on the commercial road transportation industry. Eurowag's
innovative solutions make life simpler for small and medium
businesses in the Commercial Road Transportation industry across
Europe through its unique combination of payments solutions,
seamless technology, a data driven digital eco-system and
high-quality customer service. www.eurowag.com
About JITpay™
JITpay™ is a fast-growing and
internationally active payment service provider specialising in the
logistics industry. Founded in 2016, the JITpay™ Group employs over
100 people in Braunschweig, Wroclaw, Basel, Barcelona and
Bucharest. The company digitises the billing and payment processes
in logistics as it takes over the complete service settlement
between client and contractor and combine this with a specially
developed (transport company) factoring programme. It has its own
fully digital factoring comp any and an integrated SaaS transport
management system for its customers. www.jitpay.eu