08:47 AM EDT, 06/19/2024 (MT Newswires) -- RevoluGROUP Canada ( MPSFF ) said on Wednesday that it is in talks with a U.K.-based financial group to sell Spanish subsidiary Revolupay EP SLU, a licensee of payment institutions through the Central Bank of Spain, for $4.3 million.

The deal requires the approval of the Central Bank in Spain and will be subject to the approval of the applicable regulatory authorities, including TSX Venture Exchange. Closing is expected in three to five months.

Following the sale, RevoluGROUP plans to focus on generating business in Canada and the U.S. It will allocate funds from the sale of the Spanish subsidiary to obtain new licenses in the U.S.

The company's shares dropped 13% in Canada yesterday.