Infibeam acquires Vavian International
Online retailer Infibeam's wholly-owned subsidiary Infibeam Global has acquired 100 per cent shares of Vavian International Limited.
Post the acquisition, Vavian International will become direct subsidiary of Infibeam Global. The acquisition is expected to be complete in next 2 to 4 weeks. Vavian is engaged in providing payment gateway services offered to merchants in the Middle East region. The company processes approx. 2,500 on daily basis.
Through this acquisition the company aims to expand its Online Digital Payments business in the Middle East. The acquisition is expected to be value accretive to Infibeam.
Meanwhile the cost of acquisition is at 43,20,000 AED (United Arab Dirham) or approximately Rs. 8 crore, which is at 432.00 AED per share of Vavian International.
On Monday, the stock of Infibeam Incorporation was trading at Rs. 163.60 per share, 0.88 per cent at 15:21 hours.