Gtech
Holdings Corp., the supplier and operator of lotteries in 43
countries, will acquire leading Polish debit- and credit-card
processor PolCard SA for $62 million.
Gtech and Innova Capital SP, a Warsaw-based private equity-
investment adviser, will pay $60 million to a group of Polish
banks and to travel-services company Orbis SA for a 99.7 percent
stake in PolCard. The buyers will assume $2 million in debt, West
Greenwich-based Gtech said in a statement.
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PolCard has a network of 34,000 debit- and credit-card
terminals in Poland, and Gtech expects its purchase to generate
average revenue of $40 million to $50 million in fiscal 2004, the
company said.
Gtech, which has been expanding into the financial services
transaction-processing market, expects bank-card transactions to
increase as Poland’s acceptance into the European Union changes
consumers’ buying habits, the company said. Gtech has been
providing services and products to clients in Poland since 1991,
the company said.
Bloomberg News
