French eftpos vendor Ingenico says it has acquired Planet, its distributor in Turkey, for a total consideration of EUR26 million.
Ingenico says EUR20 million of the transaction was completed in cash, with the remaining EUR6 million paid in shares.
Planet was founded in 1998 and forecasts 2007 revenues of approximately EUR27 million and an operating profit of approximately EUR2.7 million.
Ingenico says Planet's IT and services development platforms will enable it to enter the payment applications market and to extend its current offering to areas such as terminal rental, repair and maintenance as well pre-processing of transactions.
The purchase will also allow Ingenico to capitalise on the growing Turkish terminal market, which is being driven by the switch to EMV standards and high demand for bespoke payment systems.
Ingenico says the deal also puts it in a position to "capitalise on strong potential for growth throughout the Middle East".