Australian-based secure electronic transactions provider Keycorp has confirmed today that it is likely to be exiting its Canadian operations after receiving a non-binding offer from Moneris Solutions of around $7.2 million.
Confirming the offer to the Australian Securities Exchange today, Keycorp chief executive Ken Carr described it as an excellent outcome with the cash offer being significantly higher than the expected net present value of earnings over the next two years for the Canadian business.
He said the sale of the Canadian operations provided an opportunity for Keycorp to increase its services business focus on strategic growth in Australasia.