IDT Corporation to Sell Gibraltar Based Banking Unit

Newark-based IDT Corporation, a global provider of communications and payment services, agrees to sell its IDT Financial Services Holdings Limited subsidiary (IDT Finance) to JAR Fintech Limited (JAR), a Gibraltar entity controlled by JAR Capital Limited, a UK based wealth and asset manager authorized and regulated by the UK’s Financial Conduct Authority.

IDT Finance is the sole shareholder of IDT Financial Services Limited, a Gibraltar-based bank and e-money issuer, providing prepaid card solutions across the European Economic Area. IDT Finance Services Limited is licensed and regulated by the Gibraltar Financial Services Commission (GFSC), and its sale to JAR is subject to GFSC approval, as well as the approval of the Gibraltar Minister with responsibility for financial services.

The agreed-upon purchase price consists of the value of IDT Finance’s net assets at closing plus an additional amount of approximately £3 million.

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