Eurowag terminates sale and purchase agreement for additional 18.01% stake in JITpay™ GmbH
On 4 July 2023, Eurowag announced that it had exercised its call option to acquire an additional 18.01%1 share of JITpay for a consideration of €25.7 million and was conditional upon customary closing conditions, including clearance by the German Bundesanstalt für Finanzdienstleistungsaufsicht (BaFin), and was expected to complete in the first half of 2024.
Today, Eurowag has delivered termination notice on the SPA to the other shareholders of JITpay on account of certain financial status conditions relating to JITpay not having been satisfied.
The put and call option over the remaining 72% shareholding in JITpay will not come into effect.
Eurowag continues to believe that receivables finance plays a crucial part of its end-to-end digital offering to its customers in the CRT industry. Eurowag continues discussions with the other stakeholders of JITpay and will evaluate opportunities for future co-operation regarding JITpay and within the sector.
Note:
1. On 29 September 2022, Eurowag entered into a strategic partnership with JITpay when it acquired an initial 9.99% share for a consideration of €14.3 million.
ENQUIRIES
Eurowag
Carla Bloom
Head of Investor Relations and Communications
+44 (0) 789 109 4542
investors@eurowag.com
About Eurowag
Eurowag was founded in 1995 and is a leading pan-European integrated payments and mobility platform focused on the commercial road transportation industry. Eurowag's innovative solutions make life simpler for small and medium businesses in the Commercial Road Transportation industry across Europe through its unique combination of payments solutions, seamless technology, a data driven digital eco-system and high-quality customer service.
About JITpay™
JITpay™ is a fast-growing and internationally active payment service provider specialising in the logistics industry. Founded in 2016, the JITpay™ Group employs over 100 people in Braunschweig, Wroclaw, Basel, Barcelona and Bucharest. The company digitises the billing and payment processes in logistics as it takes over the complete service settlement between client and contractor and combine this with a specially developed (transport company) factoring programme. It has its own fully digital factoring comp any and an integrated SaaS transport management system for its customers.