DLA Piper Reps Net1 In $233M KSNet Buy

Law360, New York (September 16, 2010, 7:49 PM EDT) -- Net1 UEPS Technologies Inc. is forking over 270 billion Korean won ($233 million) to acquire South Korean payment processor KSNet Inc., extending its reach into Asian markets and increasing the scope of its business by almost one-third.

Net1, an electronic payment company based in Johannesburg, South Africa, said the move would increase its international footprint, diversify its revenue and increase earnings as early as 2011.

Based on 2010 numbers, the company estimated KSNet would represent approximately 30 percent of Net1’s revenue.

Net1 will buy 98.7 percent...
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