Sileon divests Payments business area
Sileon AB (publ) (“Sileon” or the “Company”) has today entered into an agreement with Avarda a part of TF Bank AB (publ) (the “Purchaser”) whereby the Company’s assets related to the business area Payments (“Payments”) are divested. The sale of Payments is in line with the previously communicated business plan. The purchase price for Payments amounts to SEK 20 million and the closing is conditional on the relevant contract parties approving the transfer.
Main terms of the transaction
Sileon has today entered into an agreement whereby the assets of the Company relating to Payments are transferred to the Purchaser. The business to be transferred consists mainly of customer contracts, loan agreements and rights related to the Paynova brand. Employees currently working in Payments will, in accordance with applicable law, be transferred to the Purchaser.
The purchase price amounts to SEK 20 million and will be paid in cash at closing. The transaction is conditional upon the approval from relevant contract parties of the transfer and closing is expected to take place on 1 December 2024.
Financial impact on Sileon
The purchase price of SEK 20 million will strengthen the Company’s cash position by approximately SEK 8 million net, after the Company has repaid the revolving credit facility related to Payments.
Background and motives
As previously communicated, Sileon has actively worked to divest the Payments business area during the year. The fact that the Company today has entered into an agreement to transfer the business area is the final step in the overall strategy of refining Sileon as a SaaS company.
“We are pleased to have reached an agreement regarding the transfer of Payments. The transfer is strategically important for Sileon and will allow us to focus fully on scaling as a SaaS company” says Kent Hansson.
For further information, please contact:
Kent Hansson, CEO, Sileon AB
E-mail: [email protected]
This is information that Sileon AB (publ) is obliged to make public pursuant to the EU Market Abuse Regulation. The information was submitted for publication, through the agency of the contact person set out above, on 31st of October at 17.15 CET.
About Sileon
Sileon AB (publ) has 20 years of experience in Payments and BNPL and offers innovative and responsible Buy Now Pay Later (BNPL) SaaS functionality to lenders. With Sileon's BNPL services, lenders can add BNPL to their existing transactions and operate their own B2B or B2C BNPL business. Sileon operates in a rapidly growing international market with an estimated transaction volume of USD 680 billion globally by 2025. Sileon is listed on the Nasdaq First North Growth Market, and the company's Certified Adviser is Carnegie Investment Bank AB (publ).
