Minsait Payments has signed a binding agreement to acquire all of the shares of the Uruguayan Payment Methods Company (Totalnet), the largest payment processor operating in this country.

The effective closing of the operation is subject to the authorization of the regulator, the Central Bank of Uruguay, and it is estimated that the transaction will be completed in the first half of 2024.

Totalnet’s value proposition has a clear industrial fit with the activity of Minsait Payments, focused on the comprehensive management of payment methods, as explained by the Indra company. The Uruguayan firm will also strengthen Minsait Payments’ offering in the acquiring business line (the ability to process payments made by card by customers of a trade or business).

With this operation, Minsait Payments continues its strategic growth plan in Latin America. Between 2018 and 2022 it acquired other payment companies in the region, including the Ecuadorian Credimatic and the Chilean Nexus. Both companies have been successfully integrated, exceeding the forecasts set in margin and growth.

In this way, Totalnet completes its transformation process, which began with the arrival of the multi-acquisition, and begins a new stage with the incorporation of a technological partner with a global trajectory to continue growing and expanding its service proposal to customers.

The agreement represents a significant step in Totalnet’s transformation strategy in terms of incorporating technology, innovation and a greater portfolio of payment solutions for customers.

The executive director of Indra and general director of Minsait, Luis Abril, has indicated that, with this acquisition, Minsait Payments improves its position in the payments industry in Latin America, reinforcing its commitment to a large market that grows consistently above of GDP.

“This new operation, which makes it easier for Minsait Payments to continue gaining scale, will contribute to the creation of value for our shareholders, employees and clients,” he stated.

Along the same lines, the executive director of Minsait Payments, Javier Rey, has added that the operation will allow them to complete the payments value chain in Latin America, and respond to the changes and innovation in payments that their clients demand of them.

For his part, the CEO of Totalnet, Alberto Mello, has defined this agreement as “great news” that will allow it to accelerate its growth and innovation strategy, adding new comprehensive solutions in payment methods, and thus consolidate “the privileged position “that the company occupies.