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CEE – Innova sells Polcard

  • Wietske Blees
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Central and East European investor Innova Capital has sold its remaining stake in Polish banking card company Polcard in a EUR 243m sale to First Data International, an e-commerce provider. Innova held a 25.24% stake in the company, strategic co-investor GTECH selling its 74.43% stake. The sale, which saw five companies in the final round of bidding, was done on a debt-free, cash-free basis and sees the Polish Bank Association retain a 0.3% stake.

Innova and GTECH jointly acquired the company in 2003 in a deal that valued the company at $60m. Just two years later Innova sold 11% of it stake to GTECH, yielding an IRR of over 60%.

Polcard was founded in 1990 to provide debit and credit transaction services, processing and settlement, outsourced card issuing and processing and ATM driving and switching. Last year the company generated revenues of EUR 35m.

Credit Suisse advised the vendors on the latest sale.

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