Redington's subsidiary Arena agrees to sell Paynet to iyzico

Arena, a subsidiary of Redington, has reached an agreement to sell Paynet, its payment processing platform, to iyzico, a prominent player in the payments industry. The deal is valued at 87 million USD plus adjusted net cash included in the Paynet financial statements on the date of share transfer.

This strategic decision aligns with Arena's vision to streamline its portfolio and focus on core offerings while fostering growth opportunities in key areas. The acquisition of Paynet by iyzico marks a significant milestone for both companies, strengthening their positions in the rapidly evolving payments landscape.

"We are excited that Paynet will join forces with iyzico and embark on this new chapter of growth and innovation," said Serkan Çelik, CEO of Arena Group. “What makes Paynet unique in this industry is its expertise and experience in the B2B and B2B2C sectors. Paynet enables the digitization of payments for large companies, their SME partners and the end-users on a single platform. It’s success stems from its ability to provide this digitization service to customers across different sectors and business models with advanced technological solutions and in a cost efficient manner. iyzico and Paynet’s respective experiences in B2C and B2B/B2B2C fields will create a company that will be well-positioned to redefine the future of fintech and empower businesses and individuals to thrive in an increasingly digital world."

“As Redington, we are delighted to witness this strategic divestment unfold, marking it a pivotal moment in our journey in Turkey. Our subsidiary, Arena, has built a good business and key go to market assets on distribution of IT & Mobility products from leading Brands. With this divestiture, we are unlocking value from the Paynet arm and increasing our focus and resources on the core business of distribution in Arena. ”V. S Hariharan, Group CEO, Redington Limited.

Paynet has established itself as a trusted payment processing platform, empowering businesses with seamless transactions and advanced payment solutions. Its integration with iyzico will further enhance its capabilities, offering merchants access to a broader range of payment options and innovative features.

"iyzico is thrilled to announce the agreement for the acquisition of Paynet, a move that underscores our dedication to driving innovation and value for our customers," said Orkun Saitoglu, iyzico CEO. "By joining forces with Paynet, we will be strengthening our capabilities and positioning ourselves for enhanced growth and a successful position in the competitive Turkish fintech landscape.”

Arena and its partners in the IT and Telco industries will continue to benefit from Paynet’s services, which will be provided under the same conditions for the next 3 years minimum. The closing of the transaction will be subject to regulatory approvals (i.e.Central Bank of Republic of Turkiye, Competition Board). Odin Financial Advisors are serving as the sole financial advisors to Paynet and Arena Group in connection with the transaction.