In today’s top payments news around the world, Ripple said it has come to a deal to buy 40 percent of international payments specialist Tranglo, while Cazoo Holdings is reportedly set to go public by merging with a special purpose acquisition company (SPAC). Plus, Deliveroo has chosen to price its initial public offering (IPO) at the lower end of the range.
Ripple, the blockchain-based payments provider, said it has come to an arrangement to purchase 40 percent of international payments specialist Tranglo. The relationship will let the California-based Ripple satisfy increasing client demand in Asia. Asheesh Birla, general manager of RippleNet at Ripple, said in a press release that “Tranglo’s robust payments infrastructure” and its record of good customer service make it “an ideal partner” as Ripple grows in Southeast Asia.
The pandemic has powered a dramatic rise in digital sales of autos. Cazoo Holdings, a British seller of pre-owned vehicles, has enjoyed that digital shift — and is now reportedly headed toward going public in a deal that is said to be worth $7 billion to $8 billion. To that end, Cazoo is set to combine with a New York-listed SPAC, AJAX I. SPACs are shell companies that bring in funds by going public, and then go shopping for a current business or businesses.
Deliveroo, a food delivery company, has opted to price its IPO at the low end of the range, which provides the British company with a 7.6 billion pound (approximately $10.5 billion) valuation. While the original high was 4.60 pounds (about $6.32), shares will be offered at 3.90 pounds (about $5.36) a piece. Shares start trading on the London Stock Exchange (LSE) under the ticker ROO on Wednesday (March 31). The delivery firm will issue shares totaling approximately 1 billion pounds (about $1.4 billion).