- Lynx Global (LYNX) has signed a definitive agreement to acquire a controlling interest in Philippines-based Binangonan Rural Bank
- The agreement involves the acquisition of Ausphil Technologies, an Australian private company, which holds a 52.15 per cent interest in Binangonan
- The company will acquire Ausphil for 2,543,897 common shares plus cash considerations and earnout rewards
- Lynx will also purchase over US$1 million in Ausphil debt
- The acquisition is expected to close on or before July 15, 2021
- Lynx Global offers financial technology solutions and services to large-scale merchants, financial institutions and other B2B industry partners
- Lynx Global (LYNX) is down by 4.55 per cent and is currently trading at $0.63 per share
Lynx Global (LYNX) has signed a definitive agreement to acquire a controlling interest in the Philippines-based Binangonan Rural Bank.
In August 2017, Binangonan secured an Electronic Money Issuer license, allowing it to offer e-money services to customers. Binangonan is also a participant in the Philippine Payments Settlements System, which helps process and settle interbank high-value payment transactions.
The agreement involves the acquisition of Ausphil Technologies, an Australian private company, which holds a 52.15 per cent interest in Binangonan.
Lynx will acquire Ausphil for 2,543,897 common shares plus aggregate cash payments of US$565,600. An additional US$232,733 is due 30 days following the closing, as well as US$86,250 on December 1, 2021.
The company may issue additional shares upon the bank’s achievement of certain financial milestones.
Lynx will also purchase Ausphil debt totalling US$1,136,496 by issuing 1,269,433 common shares and a cash payment of US$276,667 due within 10 business days following the closing.
The acquisition is expected to close on or before July 15, 2021.
Michael Penner, CEO of Lynx, commented,
“Upon closing, this acquisition will provide our organization a controlling interest in BRB, a licensed rural banking institution in the Philippines. The addition of a licensed bank with an Electronic Money Institution license to our Lynx Payment ecosystem will enable us to offer a complete suite of payment and financial services to domestic and international enterprises. It will further allow our organization to support true financial inclusion through the seamless integration of the existing financial infrastructure to the new digital economy through a complete suite of payment methods.”
Lynx Global offers financial technology solutions and services to large-scale merchants, financial institutions and other B2B industry partners.
Lynx Global (LYNX) is down by 4.55 per cent and is currently trading at $0.63 per share as of 12:30 pm ET.