NEWS & VIEWS

Global private equity and venture capital news and research

CX Partners to pay $22m for TSI’s Indian ATM business

4 Dec 2012

Private equity firm CX Partners has agreed to buy a 75 per cent stake in the Indian ATM arm of Australian’s Transaction Solutions International for $22m.

Both companies have signed a binding letter of intent over the deal, according to a filing with Australia’s stock exchange, which said the deal would be completed in two tranches.

TSN managing director Gary Foster said “We have established and developed TSI India as a highly reputable and professional company, positioned in a sector that with the availability of necessary capital, is expected to see significant growth.

“Given industry dynamics and large growth opportunities presented in the ATM and e-transaction sector, a highly respected Indian partner such as CX Partners has the ability to provide us the firepower to seize significant opportunities and realise substantial growth.”

TSI operated more than 970 ATMs across India as of November 29.

India-focused CX Partners has $515m under management in a single private equity fund, CX Partners I raised in 2009.

The move comes three months after emerging markets-focused private equity firm Actis invested $40m in Indian ATM outsourcer AGS Transact Technologies.

The move for AGS came just over a year after buyout giant TPG invested $32m into the company through its TPG Growth vehicle.

Copyright © 2012 AltAssets

FUNDRAISING & INVESTOR RELATIONS


Legals & Terms of UsePrivacy Policy


AltAssets is registered as a trademark of Investor Networks Limited (06695690).
Registered Office: Zetland House, 5-25 Scrutton St, London EC2A 4HJ
Content is © AltAssets 2000-2014