ISTANBUL (Reuters) – Turkish cost programs agency Papara has mandated Raiffeisen Bank to rearrange a minority stake sale, based on 4 sources with direct information of the settlement, with two saying affords worth at the very least $250 million had been acquired.
The sources, who requested anonymity because the matter is confidential, instructed Reuters that overseas fintech firms have been focused on Papara, which gives on-line cash transfers, foreig-exchange transactions and bill-payment providers.
They didn’t reveal the dimensions of the stake on the market.
Papara and Raiffeisen Bank each declined to remark.
One of many sources stated Raiffeisen had acquired affords worth $250-300 million. A second supply stated an anticipated deal could possibly be worth $250-350 million.
Papara was launched in 2016 and says it has about 7 million lira ($1 million) in capital. In keeping with startup information web site Webrazzi, it has 4 million customers and has to this point executed 100 billion lira in transactions.
The corporate has grown rapidly and attracted curiosity from overseas, a 3rd supply stated. “The sale process is still going on,” the particular person added.
The COVID-19 pandemic has slowed merger offers in Turkey’s vitality, infrastructure and different sectors. However, very similar to elsewhere on the planet, exercise has elevated within the know-how, telecoms and fin-tech sectors.
In June, San Francisco-based Zynga ZNGA.O agreed to purchase Turkish mobile-game maker Peak for $1.eight billion, Turkey’s largest deal this 12 months. Zynga additionally took 80% of one other Turkish game-maker, Rollic, for $168 million.
Turkey Wealth Fund purchased Swedish telecom firm Telia’s TELIA.ST stake in cell operator Turkcell TCELL.IS for $530 million in a deal additionally introduced in June.
Writing by Ezgi Erkoyun; Enhancing by Jonathan Spicer and Pravin Char