Nayax, a fintech and payments company that develops payment and settlement tools for vending machines and is listed on the Tel Aviv Stock Exchange and Nasdaq, has signed a binding agreement to acquire San Diego-based parking technology company IPS Group from private equity fund Windjammer Capital for US$350 million in cash.

The deal, structured on a debt-free, cash-free basis, is expected to close in the fourth quarter, subject to regulatory approvals.

The acquisition would mark Nayax’s move into smart parking.

IPS provides parking meters, enforcement software, and permit systems, and manages more than 250,000 parking spaces across the US, the UK, Ireland, and Canada.

Nayax said it plans to finance the deal through a combination of cash reserves and US$150 million in new and committed debt.

The remaining US$200 million would come from the company’s cash reserves, which it said were US$304 million.

Nayax shares rose more than 10% in Tel Aviv after the announcement.

🔗 Source: Calcalist