Arena, Redington’s Subsidiary, Announces Divestment of Paynet in Turkey

Arena, a subsidiary of Redington and a leading distributor of innovative technology products and solutions across Turkey, has successfully completed the divestment of its wholly owned financial technology startup, Paynet, to Turkey’s leading payment systems company, Iyzico. The deal, valued at US$89.29 million all inclusive, received approvals from the Turkish Competition Authority and the Central Bank of the Republic of Turkey, making it one of the largest acquisitions between two Turkish technology companies. Consequently, the share transfer and sale process has been completed upon the mutual fulfillment of the conditions outlined in the definitive agreement signed on May 6, 2024.

Following this divestment, Arena announced that it will focus on strengthening its core business while exploring new technology investments, leveraging its now significantly improved financial structure. This strategic decision aligns with Arena’s vision to streamline its portfolio, enhance its core offerings, and drive growth in key ...