Ingenico Group, a major company in seamless payment, announced on Thursday a strategic partnership with China-based investment group Fosun.
The strategic partnership aims to extend Ingenico Group's development in China, Ingenico said in a statement. Under the terms of the deal, a fund managed by Fosun will take 20 percent stake in Ingenico Group's Hong Kong-based holding.
"Through the partnership, both companies will combine Ingenico Group's technologies and know-how in payment with Fosun's extensive foothold and investment capacity to further expand their position in the fast-growing Chinese payment ecosystem," said the statement.
For Fosun, this partnership will effectively enhance Fosun's comprehensive financial capabilities while driving Ingenico Group's growth in the electronic payment market in China.
"This is a unique opportunity to capture China's growth potential in payment terminals and beyond," said Philippe Lazare, Chairman and CEO of Ingenico Group.