Australia & New Zealand Banking Group (ANZ) has agreed to sell its electronic payment business EFTPOS New Zealand (ENZ) to global payments company VeriFone Systems, for an undisclosed sum.
ENZ, which has a work force of nearly 160 employees, operates as a 100% owned subsidiary of ANZ Bank New Zealand (ANZ NZ).
As per terms of the acquisition, all the permanent staff will be absorbed by the acquirer following completion of the deal.
ENZ provides end-to-end card payment technologies, including terminal supply, point of sale (POS) switching, and merchant acquiring on behalf of ANZ NZ to over 40,000 customers in the country.
Once the transaction is closed, ENZ will continue to offer terminal supply and POS switching services in New Zealand, while merchant acquiring services will be delivered by ANZ NZ as ‘ANZ Merchant Business Solutions’.
Additionally, ANZ NZ will offer transitional services leveraging its existing switch infrastructure as VeriFone starts implementation of its Point platform.
VeriFone, which purchased Point platform in 2011, will deploy the same into New Zealand as part of its acquisition of ENZ.