Gaming hardware maker Razer has agreed to acquire the remaining 65.1% stake in Malaysian e-payments firm MOL Global in a cash deal worth $61m.
MOL Global’s online payment gateway is used by Lazada, Grab and UNIQLO, among other firms. The firm managed over $1.1bn of total payment value via its e-payment network last year. The firm also has a network of nearly one million offline payment points.
Razer already holds a 34.9% stake in MOL Global, which it acquired in June last year.
MOL Global will operate as a wholly-owned subsidiary of Razer following completion of the deal, which is subject to shareholder nod.
Razer’s zGold virtual credits business will be combined with MOL Global’s MOLPoints virtual credits operations post deal completion.
Razer co-founder and CEO Min-Liang Tan said: “This acquisition will combine Razer’s zGold and MOL Global’s MOLPoints virtual credits, creating one of the largest virtual credits platforms for gamers in the world,” said Min-Liang Tan, co-founder and CEO of Razer. “Southeast Asia represents one of the highest GDP growth regions with one of the youngest demographics in the world.
“Additionally, given that MOL Global already runs one of the largest e-payments networks in Southeast Asia, the integration of MOL Global’s businesses represents an exciting new business segment with boundless potential that Razer can extend into.”