PayPoint Obtains FCA Approval for the Purchase of Appreciate Group

The retail payments platform PayPoint has obtained the approval from the Financial Conduct Authority (FCA) to acquire Appreciate Group, the UK's leading multi-retailer redemption product provider to corporate and consumer markets.

On 7 November 2022, the boards of directors of PayPoint and Appreciate Group announced that they had reached agreement on the terms of a recommended offer ​pursuant to which PayPoint will acquire the entire issued and to be issued share capital of Appreciate Group.

Following the approval of the Acquisition from the FCA, Appreciate Group is seeking to schedule the Court Hearing to sanction the Scheme as soon as practicable and will provide an update to the expected timetable via an announcement through a Regulatory Information Service. It is expected that the Acquisition will become Effective on or before 31 March 2023.

Immediately following completion of the Acquisition, existing PayPoint Shareholders will hold approximately 95% and Appreciate Group Shareholders will hold approximately 5% of the enlarged issued share capital of PayPoint.

Jefferies International Limited (Jefferies) is acting exclusively as financial adviser and corporate broker to PayPoint. Liberum Capital Limited (Liberum) and Herax Partners LLP (Herax Partners) are acting as financial advisers to Appreciate Group.