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dbs sells payments stake to pe firm. singapore’s dbs has sold a stake in payments company axs to private equity firm tower capital asia. dbs has agreed to sell a 77.8 percent stake in axs to tower capital asia, according to a statement. the transaction is expected to close by august 2023 and the bank will continue to retain a minority stake of 9.9 percent in axs. axs was incorporated in 2000 as a payments firm and it services the needs of over 1 million users in singapore via self-service kiosks and online applications. founded in 2016, tower capital asia is a southeast asia-focused private equity firm with over $500 million in funds under management, according to its website.
DBS Sells Payments Stake to PE Firm
Singapore’s DBS has sold a stake in payments company AXS to private equity firm Tower Capital Asia.
DBS has agreed to sell a 77.8 percent stake in AXS to Tower Capital Asia, according to a statement. The transaction is expected to close by August 2023 and the bank will continue to retain a minority stake of 9.9 percent in AXS.
AXS was incorporated in 2000 as a payments firm and it services the needs of over 1 million users in Singapore via self-service kiosks and online applications.
Founded in 2016, Tower Capital Asia is a Southeast Asia-focused private equity firm with over $500 million in funds under management, according to its website.
