According to Foresight News, South African fintech firm Lesaka Technologies is set to acquire payment solutions provider Adumo for approximately $86 million. As per the terms of the agreement, Lesaka Technologies will pay $12.5 million in cash to Adumo and issue 17,279,803 ordinary shares to Adumo's main shareholders. The transaction is expected to be completed in the third quarter of 2024, pending shareholder approval.
Upon approval of the acquisition, Adumo's CEO, Paul Kent, will join the management team of Lesaka Technologies. The main shareholders of Adumo include private equity fund Apis Growth Fund I and African Rainbow Capital (ARC).
