Ingenico Group late last week confirmed they will be the new owner of Paymark, the dominant payment network in New Zealand. Ingenico will pay NZ$190 million in total to the four major local banks that each own one quarter of the business. Banking Day first reported in early September that Ingenico was the likely buyer. ANZ, ASB, Bank of New Zealand and Westpac put Paymark on the market in early 2016 and may have sold on favourable terms, with a sale multiple in the order of nine times EBITDA. The four banks make no disclosure on the book value of their holdings and there is so far no guidance on any capital gain for each bank from the sale. Established in the early 1990s, Paymark processes more than one billion transactions annually, and serves more than 80,000 merchants. Ingenico said the sale agreement "includes the extension of the service agreement currently in force between Paymark and the four leading acquiring banks." The French-based terminal maker said in its announcement late last week that "by combining its historical terminals assets with Paymark and Bambora in the Pacific region, Ingenico will be well positioned to create great value ... the acquisition of Paymark represents a great addition to the company's portfolio and is fully aligned with Ingenico Group's strategy to provide payment solutions and services across all channels."