AIB Group plc (ISE:AIBG) and First Data Corporation (NYSE:FDC) agreed to acquire Payzone plc from Carlyle Cardinal Ireland Fund, L.P. managed by Cardinal Capital Group, The Carlyle Group L.P. (NasdaqGS:CG), and the management team of Payzone plc for approximately €100 million on April 18, 2019. Under terms of the agreement, AIB Group and First Data will pay an initial consideration of €61 million, which excludes expected net debt of approximately €25 million which will be settled by the AIB Group and First Data on completion. Additionally there is an amount of €11 million deferred consideration, contingent on the achievement of certain conditions.

A mechanism has also been agreed for the acquisition of remaining 4.1% of Payzone which is held by the Jim Deignan and Nigel Bell. Payzone will continue to be led by Chief Executive Officer, Jim Deignan, and Chief Financial Officer, Nigel Bell. Carlyle Cardinal Ireland Fund representatives Peter Garvey and Robert Easton of The Carlyle Group and Daragh Lane of Cardinal Capital Group will step down from the Payzone Board on completion of the transaction, which is subject to approval from the European and Irish competition authorities.

Completion of the Joint Venture and the acquisition is conditional on the satisfaction of customary conditions including competition clearance. Arma Partners LP acted as financial advisor to Carlyle Cardinal Ireland in the transaction. Ernst & Young Ireland, Investment Banking Arm acted as a financial advisor and due diligence provider to AIB Group plc (ISE:AIBG).