Mashreq finalizes sale of majority stake in Neopay: Our friends at Mashreq completed the sale of a 65% stake in payment subsidiary Neopay to a consortium including asset manager Arcapita Group Holdings and Turkish fintech Dgpays for USD 385 mn, according to two separate DFM disclosures (here (pdf) and here (pdf)). Mashreq still retains a sizable minority stake in the payment subsidiary. The acquisition agreement was originally signed in September.

What’s next for Neopay? The company plans to “scale its operations, enter new markets, and enhance its offerings,” the disclosure said, without disclosing further details. Mashreq had said earlier that it plans to enter into a long-term shareholder agreement with the consortium.

About Neopay: The subsidiary — officially named Idfaa Payment Services — offers payment processing services, including point-of-sale terminals, e-commerce, and mobile payments, as well as other non-cash transactions.

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