- Lesaka Technologies acquires Recharger for 28 million, expanding its presence in South Africa's private utilities market and fintech sector.
- The acquisition includes R43 million 2 million to settle Recharger's loan and will close by Q3 2025, pending regulatory approval.
- Supported by African Rainbow Capital, Lesaka continues expanding with acquisitions like Adumo and Touchsides, strengthening its fintech portfolio.
Lesaka Technologies, a fintech firm backed by African Rainbow Capital ARCthe investment group led by South Africas first Black billionaire, Patrice Motsepehas acquired Recharger, a leader in prepaid electricity submetering and payments, for 28 million.
The deal, which strengthens Lesakas position in the fintech sector, involves the purchase of all Recharger's shares. It follows Lesakas recent acquisition of payment tech company Adumo .
The transaction, valued at R332 million 18 million in cash and R175 million 10 million in Lesaka stock, will be completed in two phasesthe first payment at closing and the second a year later.
Strategic entry into South Africa's private utilities marketAs part of the deal, Lesaka will also inject R43 million 2 million to settle Rechargers existing loan. The transaction, valued at an enterprise value-to-EBITDA multiple of approximately 6.0 times, is slated to close by the third quarter of fiscal 2025, pending regulatory approval.
Recharger will be integrated into Lesakas Merchant Division, under its Enterprise pillar, marking a strategic move into South Africas private utilities sector. This acquisition will also enhance Lesaka's portfolio of alternative payment solutions.
