Media Bites

Sunday Independent

Electronics payments business Payzone has been put on the market by private equity fund Carlyle Cardinal Ireland (CCI) and is expected to fetch between €90m and €100m.

Global corporate finance adviser Arma Partners has been appointed to handle the sales process.

It’s understood that the plan to sell Payzone was triggered by an unsolicited approach for the business and there is strong interest from both trade and non-trade buyers. An international buyer is likely, according to sources.

CCI, which is backed in part by the State, bought Payzone in 2015 for €39m. The sale is expected to more than double that purchase price.

Payzone chairman Mike Maloney and some other senior managers also have a small stake in the business. Payzone was founded in 1989 and was previously known as Alphyra.

Sunday Times

Cash reserves at Denis O’Brien’s Digicel group have fallen to their lowest level in seven years, helping to heap pressure on the company’s bond prices.

Digicel’s 2020 bonds slumped to below 70 cents on the dollar last week, dragged lower by sentiment towards companies with exposure to emerging markets.

While Digicel books its revenue in local currencies, its debt is priced in dollars and the telecoms group reports its financial performance in the American currency.

Concerns are rising that a strong dollar would represent a further headwind for the company.

Digicel owes banks and bondholders a total of $6.7bn (€5.7bn), with a $2bn bond maturing in September 2020.