Global Payments, a US-based provider of electronic transaction processing solutions, has signed an agreement to sell its DolEx and Europhil-branded money transfer businesses to an affiliate of Palladium Equity Partners.
Under the terms of the agreement, Global Payments will receive proceeds in the range of $85m to $110m based on the operating performance of the business determined at the time of closing.
Paul Garcia, chairman and chief executive officer of Global Payments, said: “This transaction will allow us to focus exclusively on our ongoing strategy of expanding our merchant acquiring presence around the world, and as such, we intend to reinvest the sale proceeds in future merchant acquiring growth opportunities.”
However, the deal is subject to customary regulatory approvals including the consent to the transaction by the issuers of money transfer licenses in many of the states and countries where DolEx or Europhil currently operates.
