IP E-Game Ventures Inc. is acquiring shares in a payment service provider and a foreign exchange and remittance company, according to separate disclosures to the local bourse.
The interactive gaming and content distribution firm said it has executed a term sheet with Fastcash Remittance Inc., a payment service provider, for the acquisition of the latter’s 60-percent capital stock.
It has pegged the acquisition cost at $3.6 million, funded through a share swap deal with selling shareholders. Approximately, this translates to 6.04 percent of IP E-Game’s shares. Fastcash is a special purpose vehicle that controls 60 percent of MYEG Philippines, a subsidiary of Asean unicorn MYEG Malaysia.
MYEG Philippines operates an aggregated Over the Counter network of approximately 50,000 locations, while also having credit card, debit card, and e-wallet payment processing capabilities.
MYEG Philippines also owns MYEG Insurance Brokers, a licensed insurance agency engaged in online micro-insurance.
Aside from Fastcash, IP E-Game also executed a term sheet with I-Pay Commerce Ventures Inc. for the acquisition of a minimum of 47 percent up to a maximum of 80 percent of the latter’s capital stock.
A definitive valuation was not disclosed, but the company intends to do a share swap—equivalent to as much as 6.67 percent of its shareholdings—for the transaction.
I-Pay is a foreign exchange and remittance company that operates a sub-agent base of close to 1,000 physical locations. It is also a direct agent of Western Union.