An Post sells One4all to Black­hawk for ¤100m

The Irish Times - - Business Today - BARRY O’HALLORAN

Fi­nan­cial tech­nol­ogy spe­cial­ist Black­hawk Net­work is buy­ing the One4all gift voucher busi­ness from share­hold­ers in­clud­ing state com­pany An Post in a deal valu­ing the en­ter­prise at ¤100 mil­lion.

Black­hawk con­firmed yes­ter­day that it is buy­ing Gift Voucher Shop, the com­pany be­hind One4all, which sells to­kens ac­cepted by a va­ri­ety of re­tail­ers in the Repub­lic and UK, from An Post.

“The agree­ment places an en­ter­prise value on Gift Voucher Shop in the re­gion of ¤100 mil­lion,” Black­hawk said.

The term en­ter­prise value em­braces the fig­ure paid for a com­pany along with its li­a­bil­i­ties.

Re­ports ear­lier this year sug­gested that Gift Voucher Shop could sell for more than ¤60 mil­lion.

An Post owned 53 per cent of the com­pany and sold the vouch­ers through post of­fices around the Repub­lic. Peter Quinn, the State com­pany’s chief fi­nan­cial of­fi­cer and Gift Voucher Shop chair­man, de­scribed the re­turn for its in­vest­ment in the busi­ness as “sig­nif­i­cant”.

He said that An Post would in­vest the cash raised in the “on­go­ing trans­for­ma­tion” of its core busi­ness.

“An Post looks for­ward to work­ing with the new share­holder of Gift Voucher Shop in grow­ing One4all gift cards and other prod­ucts as they emerge,” Mr Quinn added.

Dom­i­nant share

An Post bought its stake in Gift Voucher Shop in 2009 for ¤9 mil­lion. The State com­pany noted yes­ter­day that it helped the busi­ness to take a dom­i­nant share in the Repub­lic’s mar­ket and ex­pand­ing its pres­ence in the UK.

Black­hawk’s chief ex­ec­u­tive, Tal­bott Roche, said that the pur­chase would ex­pand Black­hawk’s Eu­ro­pean busi­ness.

Black­hawk Net­work Hold­ings is a fi­nan­cial tech­nol­ogy group based in Pleasan­ton, Cal­i­for­nia, in the US.

Newspapers in English

Newspapers from Ireland

© PressReader. All rights reserved.