Zip (ASX:Z1P) completes acquisition of Twisto

Following shareholder approval at the Zip Co (ASX:Z1P) AGM on Thursday, Zip has completed the acquisition of the remaining shares of Prague-based BNPL provider Twisto.

The company notes that Twisto, founded in 2013, was the first company to offer BNPL payments to the Czech Republic. Twisto has served almost one million customers across 22,000 merchants, and some of the company’s partners include KFC, Pizza Hut, Gap, Delivery Hero, Yves Rocher and Under Armour.

The acquisition involved an upfront payment of approximately $115.8m, the issuing of 17,454,987 new shares to Twisto securityholders, and also the issuing of a maximum of 4,550,000 new shares by no later than the four-year anniversary of completion.

Shares in Zip Co (ASX:Z1P) are trading 3.3 per cent higher at $5.89.

Image from: https://twistopay.com/