- Financial technology company Lynx Global (LYNX) has closed its acquisition of a controlling interest in foreign exchange company Direct Agent 5
- Lynx now has a 51 per cent equity interest in Direct Agent 5
- The acquisition does not constitute a fundamental change for the company
- Direct Agent 5 processed in excess of US$500 million worth of remittance and forex transactional volume in 2020
- Lynx Global is up 8.70 per cent on the day, with shares of the company trading at C$1.25 at 12:16 pm ET
Financial technology company Lynx Global (LYNX) has formally closed its acquisition of a controlling interest in foreign exchange company Direct Agent 5.
Lynx now has a 51 per cent equity interest in Philippines-based, Direct Agent 5.
As per terms of the agreement, Lynx issued an aggregate of 11,823,800 common shares and 2,000,000 share purchase warrants allowing for the acquisition of an additional 2,000,000 common shares at a price of $1.20 in exchange for the equity interest.
The acquisition does not constitute a fundamental change for the company and does not result in a change of control of the company.
Direct Agent 5 serves as a remittance and forex licensed entity with Bangko Sentro Pilipinas. The company processed in excess of US$500 million worth of remittance and forex transactional volume over more than 1.4 million transactions in 2020. Direct Agent 5 is recognized as one of the global remittance and forex providers in the Philippines.
“Closing the acquisition of a controlling interest in Direct Agent 5 is a major milestone in establishing the foundation for Lynx to execute its strategy of building a digital payments and finance platform across South East Asia and Oceania. With DA5’s 15 years of operating history in the Philippines remittance and payments industry, our acquisition of a controlling interest in DA5 establishes Lynx as recognized brand in the Philippines market. Now that the acquisition is closed, we will immediately begin integrating our other operating companies, VASU, PayRight and Arkin-creating a new operating digital payment platform across the region (Philippines, Singapore and Australia),” said Lynx Global CEO Mike Penner.
Lynx Global is up 8.70 per cent on the day, with shares of the company trading at C$1.25 at 12:16 pm ET.
