Ingenico Takes Over Ogone
The $484.6M sale marks an exit for PE backer Summit Partners
Ingenico SA, a Paris-based manufacturer of payment terminals, is spending €360 million ($484.6 million) for payment services provider Ogone.
The transaction marks an exit for private equity firm Summit Partners, which acquired a majority stake in Brussels-based Ogone for an undisclosed price in June 2010.
Ingenico is financing the deal using $161.4 million in existing cash and $322.8 million in committed capital. It expects Ogone to generate $26.9 million in additional Ebitda by 2015.
Ogone, which had $56.5 million in revenue in 2012, has grown its operations throughout Europe and currently has offices in Belgium, the Netherlands, France, Germany, Switzerland, Austria and the U.K.
The deal is slated to close in the first quarter, subject to regulatory approval.
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