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Mergers & Acquisitions

Teddy Sagi sells SafeCharg at a profit of $700 million

Teddy Sagi sold SafeCharg for $889 million in cash – $5.55 per share – a 25% premium on its current price, and a premium of 41% over the average share price in the last three months.

SafeCharg, controlled by Teddy Sagi, reports today that it is being sold to Canadian company Nuvei in a cash transaction for $5.55 per share ($4.36), reflecting a value of $889 million.

This is a 25% premium on its current price and a premium of 41% over the average share price in the last three months. The purchaser is a private company, and following the sale, SafeCharge is expected to be delisted from trading on the London Stock Exchange.

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Sagi founded the company in 2007 with David Avgi, the CEO, and holds 68.3% of the company, and will receive about $ 600 million from the sale, and Sagi’s share in the dividends distributed by the company since its inception stood at $ 100 million. Teddy Sagi’s overall profit from his investment in the company is $ 700 million (NIS 2.5 billion).

SafeCharg has developed a payment management system for a number of banks worldwide and alternative payment providers. The company’s technologies enable its customers to outsource all online payment management. The company was floated on the London Stock Exchange in 2014 at  £1.62 ($2.04), so it nearly tripled its value now.

SafeCharg employs about 400 employees, 120 of them in Tel Aviv, and the remainder in the US, UK, Austria, the Netherlands, Bulgaria, Cyprus, Singapore, Hong Kong.

SafeCharg’s revenue in 2018 was $ 138.5 million – about 24% more than in 2017, where revenue was $ 112 million. Its adjusted operating profit (EBITDA) grew 11% to $ 37.3 million. Net profit was 24.8%, 4% higher than the previous year.

The Canadian buyer specializes in providing payment solutions similar to SafeCharg, but mainly in the US and Canadian markets, while SafeCharg is active mainly in Europe and Asia. The company is based in Montreal and employs approximately 400 people in the United States and Canada.

SafeCharg said: “The transaction for the sale of the company is part of the consistent consolidation that is taking place in the global Pintek industry, and this is the best move for the future of the company. The Israeli development will continue to serve as a basis for continued global growth of the merged company, both in the developing Israeli market and in the global market, which will enable Saif-Zaraj to penetrate the markets of North America and Nuvei to penetrate European markets. “



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