Edenred SA (ENXTPA:EDEN) agreed to acquire payroll card portfolio in United Arab Emirates from Mint Middle East LLC and Mint Gateway for Electronic Payments Services LLC in December 2019. Edenred SA entered into a binding asset purchase agreement to acquire payroll card portfolio in United Arab Emirates from Mint Middle East LLC and Mint Gateway for Electronic Payments Services LLC for approximately AED 100 million on January 16, 2020. Pursuant to the terms of the agreement, Mint Middle East LLC and Mint Gateway for Electronic Payments Services LLC are entitled to receive initial payment of AED 82.75 million and a performance based payment of AED 20 million based on the success of the migration of the card portfolio. The Agreement provides for a migration period of approximately nine months from the Closing Date and includes an obligation of Mint UAE to deliver a financial performance bank guarantee in connection with the Purchase Price and customary representations, warranties, indemnities and covenants typical for a transaction of this nature. As of February 4, 2020, the initial payment has been made as a result of the satisfaction of certain conditions precedent, being the receipt of third party consents and the completion of due diligence by Edenred SA. The transaction has also received the consents of the holders of Series A debenture holders of The Mint Corporation, parent company of Mint Middle East LLC and Mint Gateway for Electronic Payments Services LLC. Among others, the transaction is still subject to approval from TSX Venture Exchange. The transaction may require approval from the shareholders of The Mint Corporation. As of April 24, 2020, TSX Venture Exchange has granted conditional approval for the transaction. Final approval of the transaction by the TSXV remains subject to a number of conditions including receipt by The Mint Corporation of the written consent of the holders of more than 50% of its issued and outstanding common shares. As on May 13, 2020, the transaction was given the final approval by the TSX after Mint fulfilled the required conditions of written consent of the holders of more than 50% of its issued and outstanding common shares. Edenred SA cancelled the acquisition of payroll card portfolio in United Arab Emirates from Mint Middle East LLC and Mint Gateway for Electronic Payments Services LLC on January 16, 2021.