September 18, 2010 (FinancialWire) (Go to http://www.financialwire.net/?s=ftrdnwswnd for all of today’s featured news.) — Net 1 UEPS Technologies, Inc. (NASDAQ: UEPS ) said that it has agreed to acquire 98.73% of KSNet, Inc., a Republic of Korea-based payment processor, for a purchase price of around 270 billion Korean won (approx. US$233 million) based on current exchange rates.

The company said it will fund the transaction utilizing a combination of cash reserves and new debt facilities. Net1 said it expects the transaction to be immediately accretive to fiscal 2011 fundamental earnings (which is a non-GAAP measure).  The transaction is scheduled to close in the second quarter of fiscal 2011.

KSNet has a base of around 200,000 merchants and an extensive direct and indirect sales network in Korea, according to Net 1. The company said that more than 90% of KSNet's revenue comes from the provision of payment processing services to merchants and card issuers through its Value Added Network.

South Africa-based Net1 provides its universal electronic payment system, or UEPS, as an alternative payment system for the unbanked and under-banked populations of developing economies.

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