tech held a 74.43% controlling equity interest in Polcard and 25.24% was held by Innova Capital. The remaining 0.3% is being retained by the Polish Bank Association. The firm expects the net sale proceeds will be utilized for general corporate purposes. The transaction has been approved by the Polish Competition and Consumer Protection Office, and all other customary closing conditions have been satisfied.
Lottomatica and Gtech CEO W. Bruce Turner said, "With the sale of Polcard now complete, we remain committed to our lottery overlay model and will continue to pursue commercial services opportunities in jurisdictions where we are able to leverage our lottery presence."
Polcard is the leading debit/credit card merchant transaction acquirer, bank-card issuer and ATM management company in Poland, with a nationwide retail network of more than 58,000 electronic acquiring devices and well-established relationships with many of the country’s leading card-issuing banks.