Cash machine provider Cardpoint is set to merge with Alphyra, the company behind payment network Payzone.

As part of the reverse takeover deal, Payzone will acquire the entire issued and to be issued share capital of both Cardpoint and Alphyra, in consideration for Payzone shares.

The new company, called Payzone, will be 59.05% owned by Alphyra shareholders and 40.95% owned by Cardpoint shareholders.

“This transformational deal creates a leading consumer payments acceptance and cash distribution network with operations throughout Europe and strong potential for growth,” said Bob Thian, chairman of Cardpoint.