Mobile money firm Monitise has agreed to buy partner First Eastern out of their 50:50 Asia Pacific joint venture in a deal worth around £11.25 million in shares.
Monitise has paid a total consideration of 20 million ordinary shares of one pence each to First Eastern for the stake and has applied for 20,000,000 new ordinary shares to be admitted to trading on AIM.
The UK-based firm joined forces with First Eastern - a subsidiary of Hong Kong's First Eastern Investment Group - around three years ago in a bid to crack the Asia Pacific market.
The venture is currently working with local partners PCCW-HKT mobile and Jetco, the ATM switch serving the majority of banks in Hong Kong, to launch new mobile payments services once regulatory approval has been secured.
Following the transaction, Monitise will also take full control of the JV's 49% stake in its Indonesian venture with PT Astra Graphia Information Technology.
Lee Cameron, chief commercial officer, Monitise, says: "At Monitise, we have a track record for taking control of joint venture relationships to help streamline and simplify the international structure of our global business."