Innova Capital, the Polish venture capital firm, has joined forces with US-based lottery systems company GTECH Holdings in a deal to acquire PolCard, a debit and credit card transaction services business based in Poland.
Innova and GTECH will pay $62m for the business, which includes $2m of debt, to travel services business Orbis and a consortium of Polish banks. GTECH will hold a 62.8 per cent equity stake in PolCard and 36.9 percent will be held by Innova. The Polish private equity firm, led by Steven Buckley, invested around $20m in the deal from its Innova '93 and Innova '98 funds.
As part of the transaction, GTECH and Innova Capital have made arrangements for Innova to sell its interest in the business within four to six years of the deal closing, although the price has yet to be arranged.
'PolCard represents a significant financial services strategic asset in
Innova and GTECH said that
The deal is the second major transaction to take place in the Polish market in recent weeks. Enterprise Investors, also based in