FILE PHOTO: A logo of Ant Group is pictured at the headquarters of Ant Group, an affiliate of Alibaba, in Hangzhou, Zhejiang province, China October 29, 2020. REUTERS/Aly Song/File Photo
LONDON (Reuters) - Ant Group is closing in on a deal to buy Dutch payments firm MultiSafepay as part of the Chinese financial technology group’s latest push into Western payment markets, people familiar with the matter told Reuters.
The transaction, which is subject to regulatory approval, is expected to value MultiSafepay at around $200 million, one of the people said. It generates $50 million in revenue, the person added, speaking on condition of anonymity.
Ant, an Alibaba Group affiliate, did not immediately respond outside Asia business hours. Alibaba holds a 33% stake in Ant, according to Alibaba's interim fiscal year 2024 report published in December. Representatives for MultiSafepay did not respond to requests for comment.
The acquisition follows Ant Group’s purchase of Singapore-based payments firm 2C2P in 2022. Ant, which operates cross-border payments platform Alipay+, also bought British payments group WorldFirst in 2019 for 700 million dollars.
Established in 1999, MultiSafepay provides payment acquiring and processing services to more than 18,000 small and medium-sized businesses and works with commercial partners to offer additional services.
Ant Group, is buying 100% of MultiSafepay, which is owned by founder and CEO Olaf Geurs, the first person said. MultiSafepay has grown organically with no external investors and also has offices in Spain and Germany, according to its website.
MultiSafepay's most recent annual report showed a net profit of 1.3 million euros ($1.43 million) on gross income of 11.9 million euros in 2022. It was not clear whether that encompasses the company’s international businesses.
In January last year, Ant Group said its founder Jack Ma will no longer control the company and give up most of his voting rights.
($1 = 0.9107 euros)
(Reporting by Amy-Jo Crowley with additional reporting by Toby Sterling and Roxanne Liu. Editing by Anousha Sakoui and Louise Heavens)
