Prosegur Cash and Armaguard agree to merge to move money in Australia by EFE

© Reuters. Prosegur Cash and Armaguard agree to merge to move money in Australia

Madrid, July 28 (.). Prosegur Cash (BME :), a subsidiary of the Prosegur Group (BME :), announced on Thursday a merger agreement with Australia’s largest securities and cash management logistics company, Armaguard Group, in order to create a sustainable and secure cash transportation business. in that country.

According to the company in a press release, the process will be clarified by Prosegur Australia contributing to Armaguard 100% of the share capital of the subsidiaries carrying out Prosegur Cash business in Australia, free of cash and debt, in exchange for the delivery of a 35% stake in said company.

As a result, the joint venture will be owned 65% by Armaguard and 35% by Prosegur Australia, while the accounting impact will depend on Prosegur Australia’s business until the closing of the operation.

The proposed merger, which seeks to ensure cash remains a profitable and secure payment option for both businesses and consumers in the future, is expected to be completed by the end of the year, as it remains subject to regulatory approvals.

This will allow Prosegur Cash and Armaguard to continue to drive innovation and transformation initiatives in the Australian payment methods and cash management sector, which include automation solutions, banking outsourcing, and retail payments, among others.

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