Axis Bank has entered into a Share Purchase Agreement (SPA) with Jasper Infotech (Snapdeal), to acquire 100% equity capital of Accelyst Solutions (Accelyst) & Freecharge Payment Technologies (FPTPL) (Accelyst and FPTPL collectively referred to as Freecharge), subject to receipt of requisite regulatory approvals, including from the RBI, for a cash consideration of Rs 385 crore.
Accelyst is primarily engaged in the business of payment processing services. FPTPL is primarily engaged in the business of operating payment system for semi-closed prepaid payment instruments and gift vouchers under the license issued by the Reserve Bank of India. Together, Accelyst and FPTPL form a digital payments business.
Axis Bank is the third largest private sector bank in India. The bank offers the entire spectrum of services to customer segments covering Large and Mid-Corporates, SME, Agriculture and Retail Businesses.
