Nayax (NASDAQ:NYAX) said Wednesday it will buy Brazil-based VMtecnologia for an implied enterprise value of $22.3 million, entering the Latin America market as part of its global expansion effort.
VMtecnologia is a technology solutions provider for the automated self-service industry.
“With this expansion, Nayax will now serve over 18,300 additional unattended points of sale, including vending machines, micro markets, autonomous laundromats, and the electronic entertainment sector,” the company said in a statement.
The company will pay $13.4 million upfront in cash, with about $8.9 million to be settled semi-annually over the next three years in cash or equity, if certain conditions are fulfilled.
The transaction is slated for completion in Q2 2024.
In a separate press release, the company commenced an underwritten public offering of 3,130,435 of its ordinary shares.
The company intends to grant the underwriters an option to purchase up to 469,565 additional ordinary shares.