Worldline buys 100% stake in MRL Posnet for euro 89 mln

Payment services provider, Worldline, today said it has acquired 100 per cent stake in payment platform - MRL Posnet for euro 89 million.
Chennai-headquartered MRL Posnet has 100,000 payment terminals and processes close to euro 1.13 billion worth of transactions an annual basis.
"We are accelerating our growth with a key acquisition of MRL Posnet. This significantly increases our local technological expertise. Together, we are in a unique position to deliver the next generation of payment services for the digital commerce era," Worldline's chief executive officer ( South Asia and Middle East), Deepak Chandnani, said in a statement here today.

The deal is closed at a value of up to euro 89 million, he said.
The aim is to offer better technological solutions to existing and new clients with the expertise of Worldlines switch capabilities and MRLs device-agnostic acquiring solution, he added.
"By joining forces with Worldline, MRL Posnet gains a strategic owner with deep expertise in the global payments processing industry, giving us the opportunity to expand our capabilities and further extend our investment in and commitment to operational excellence for the benefit of our clients," MRL Posnet managing director, Kishore Kothapalli, said.
MRL has partnered with 18 banks for merchant services.

The two entities can now offer payment acceptance and optimisation solutions for leading banks and enterprise brands across a variety of industries including travel, retail, direct selling and digital goods.