SYDNEY, AUSTRALIA: Zip Co Limited has completed the acquisition of a leading BNPL platform in Central Europe. Twisto Payments. Following shareholder approval at Zip’s AGM on Thursday, 4 November 2021, Zip has completed the acquisition of the remaining shares of Central European BNPL provider, Twisto.
The acquisition provides Zip with a gateway to one of the world’s largest eCommerce markets and access to all 27 member states of the European Union (EU).
Founded in 2013, Twisto has served almost one million customers, across 22,000 merchants and is a leading BNPL platform in Central Europe.
The Company has developed a unique omnichannel payments platform, giving customers full control and the freedom to pay for their everyday purchases over short and longer-term installments. Some of Twisto’s flagship merchants include KFC, Pizza Hut, Secret Escapes, Gap, New Balance, Delivery Hero, Takeaway, Yves Rocher and Under Armour.
Under the terms of the Twisto acquisition, Zip co issued 17,454,987 new shares to the securityholders of Twisto (and/or their nominees), such shares comprising the “Upfront Consideration Shares” approved by Zip’s shareholders at its 2021 Annual General Meeting.
The upfront purchase price paid by the company for the Twisto acquisition is approximately EUR73.8 million (A$115.8 million).
The Upfront Consideration Shares are issued at an issue price of A$6.61 based on a 30-day VWAP of one day prior to completion and an exchange rate of A$1.5697 per Euro.
In connection with the Twisto acquisition, and as also approved by Zip’s shareholders at its 2021 Annual General Meeting, Zip will also issue up to a maximum of 4,550,000 new shares to the Twisto securityholders (and/or their nominees) as “the Holdback Consideration Shares” by no later than the 4-year anniversary of completion.
Twisto provides a smart solution for payments and purchases and, in 2013, was the first to offer BNPL payments to the Czech Republic. In 2018, the company also successfully entered the Polish market. www.twisto.cz
ASX-listed Zip Co is a leading global financial services company, offering innovative, people-centred products that bring customers and merchants together. On a mission to be the first payment choice everywhere and every day, Zip offers point-of-sale credit and digital payment services in 13 markets around the world, including through strategic investments, connecting millions of customers with its global network of tens of thousands of merchants. www.zip.co