Arena, a subsidiary of Redington, a leading distributor of innovative technology products and solutions in Turkey, has announced the sale of its payment processing platform, Paynet, to iyzico, a prominent player in the payments industry. The agreement, valued at 87 million USD plus adjusted net cash, aligns with Arena’s strategy to streamline its portfolio and focus on core offerings, while enabling iyzico to strengthen its position in the payments landscape.
According to Serkan Çelik, CEO of Arena Group, the acquisition marks a significant milestone for both companies, combining Paynet’s expertise in B2B and B2B2C sectors with iyzico’s strengths in B2C. He emphasizes the potential for the merged entity to redefine the future of fintech and drive digital transformation.
V. S Hariharan, Group CEO of Redington Limited, expresses satisfaction with the strategic divestment, highlighting the unlocking of value from the Paynet arm to enhance focus and resources on Arena’s core distribution business.
Orkun Saitoglu, CEO of iyzico, shares excitement about the acquisition, emphasizing the company’s commitment to innovation and value creation for customers. He sees the merger as a step towards achieving iyzico’s vision of becoming a strong payment and shopping companion platform.
Under the agreement, Arena and its partners will continue to benefit from Paynet’s services for at least the next three years. The transaction is subject to regulatory approvals and Odin Financial Advisors are serving as the sole financial advisors to Paynet and Arena Group.
iyzico is a provider of financial technology solutions dedicated to empowering businesses and individuals, while Arena Group is Turkey’s top technology provider distributing innovative products and solutions. Redington Limited is an integrated technology solutions provider enabling businesses in their digital transformation journeys across various markets.