Prism Advance Solutions, a software and technology solutions firm, has recently given Finablr a takeover offer for its UK-listed business. This was announced by the payments group itself on Tuesday.

Complete Share Purchase Pending

The offer itself was made to purchase the complete 100% of the share capital of Finablr Limited, alongside its subsidiaries. The filing, made on the London Stock Exchange (LSE), went into detail as to how Prism is planning to settle the Group’s debts, restructure, as well as shuffle its board of directors.

Alongside this, the offer further provides provisions that will give Finablr and its various subsidiaries working capital, as well.

The Mandatory Kind Words

Bhairav Trivedi stands as the Finablr Group CEO, and gave a statement about the matter. Trivedi highlighted his excitement to go forward with Prism, after several months of trying liquidity conditions. These conditions, Trivedi explained, were only worsened thanks to the COVID-19 pandemic and the impact it had on Finablr’s operations.

The offer itself has already been approved by the board of Finablr, and negotiations will continue regarding a share purchase agreement. In order to seal the deal, Finablr will seek approval from both regulators and its various shareholders, as well.

It’s aimed that both parties will have this deal at its closing stages within the span of four weeks from now.

An Unfortunate Chain of Events

The first troubles of the London-listed company came by way of its debts, soaring to about $1.3 billion in total. This would be a formidable issue all on its own, but the COVID-19 pandemic had caused the global forex business of the company to be severely impacted, severely crippling it even more. Travelex, a major British forex company, is operated by Finablr.

With all of these events, the top executives of the company promptly made its exit, including the CEO and CFO of Finablr. Even BR Shetty, the billionaire co-founder of the Group, had stepped down as co-Chairman back in August of this year.

Guy Rothschild stands as the co-founder and director of Prism, and expressed his company’s delight in the deal with Finablr. He stated that this represents the first-ever commercial transaction between the UAE and Israel. He cited the massive opportunity that Finablr holds regarding digital payments for multiple emerging markets. He highlighted that further growth could be possible thanks to its proprietary technology positions and its various assets.