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Lloyds strikes £120m deal to buy digital wallet provider Curve - report
(Sharecast News) - Lloyds Banking Group has reportedly struck a £120m deal to buy digital wallet provider Curve despite recriminations from shareholders about the distribution of the sale proceeds. According to Sky News, Curve notified its investors this week that it had signed a share sale and purchase agreement with Lloyds.
An announcement is expected as early as next week, Sky said.
In the circular to shareholders, Curve said: "We recognise that the value of this transaction falls short of the ambitions we all held for Curve, and we share the disappointment some of you may have in this outcome.
"Yet, the board strongly believes this transaction represents the best available path forward for Curve's creditors and shareholders as a whole."
Since the talks about a sale to Lloyds emerged in the summer, Sky News has reported the fury of some early Curve investors about the price and the proposed distribution of proceeds.
In a statement issued on Friday morning, IDC Ventures, Curve's biggest external shareholder with a 12% stake, said it remained "deeply concerned about the conduct of Curve's management and board during the current sale process".
"Issues regarding the company's governance and ownership are disputed, and IDC is reserving all legal rights pending further developments," it said.
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