BasePoint Capital has finalised the acquisition of International Personal Finance (IPF) for £543m ($733m), with all-cash terms agreed ahead of the 31 December deadline.
The BasePoint Capital acquisition will provide IPF shareholders with 235 pence per share, matching the price BasePoint initially proposed in September.
IPF, based in Leeds, West Yorkshire, UK, provides unsecured consumer credit and related services to underserved customers in nine markets, including Romania, Poland, Hungary, Mexico, the Czech Republic, Latvia, Australia, Estonia, and Lithuania.
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The company’s range of products includes digital instalment loans, home credit, retail credit, credit cards, a mobile wallet, and digital credit lines, reaching around 1.7 million clients.
IPF chair Stuart Sinclair said: “Over recent years, IPF has had to navigate significant macroeconomic challenges, competitive forces, an ever-changing regulatory landscape and risks of operating in emerging markets.
“Whilst the Board continues to believe in the strategy and long-term prospects of IPF on a standalone basis, we recognise that the acquisition allows IPF Shareholders to monetise their entire investment for cash at a fair price.”
BasePoint is a provider of asset-based financing and liquidity solutions to specialty finance companies in the US.
Its borrowers include small business loans, merchant cash advance solutions, and originators of unsecured consumer receivables.
BasePoint’s professionals have experience in asset-based lending, whole-loan sale and servicing, and securitisation, with backgrounds at institutions such as JP Morgan, Morgan Stanley, UBS, GE, and Nomura.
BasePoint CEO Eric Schneider said: “IPF is a business we’ve followed for some time and have been consistently impressed by its positioning across nine different geographies as a leading provider of credit to underbanked and underserved individuals.
“With our deep experience in consumer specialty finance in the US, we believe BasePoint is well placed to help IPF build on its strengths and continue evolving its business model as a differentiated provider of consumer credit. We’re excited and look forward to partnering with the management team to support the next phase of IPF’s growth.”
The board of directors of IPF has given unanimous support for the proposed transaction.
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