Nayax (NYAX) Is Paying 17x Adjusted EBITDA for IPS Group. Can $8M of Synergies Justify the Price?
Nayax Ltd. (NYAX) agreed to acquire IPS Group for $350M in cash, with the deal expected to close in Q4 2026. The acquisition values IPS at ~17x its 2026 adjusted EBITDA, falling to ~12x after expected synergies. IPS generates $90M in 2026 revenue with 20% organic growth. Nayax plans to fund the deal with cash and $150M in new debt, aiming to reduce leverage below 3.0x by late 2027.




