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Euronet Worldwide closes HiFX acquisition

21 May 2014  |  1714 views  |  0 Source: Euronet Worldwide

Euronet Worldwide, Inc. (EEFT), a leading global electronic payments provider and distributor, today announced it has completed the acquisition of U.K.-based HiFX.

The acquisition complements Ria, Euronet's existing money transfer business, by expanding its offerings to include online-initiated, account-to-account international payment and foreign exchange services to high-income individuals and small-to-medium sized businesses.

"We are excited to welcome HiFX into the Euronet group of companies," stated Michael J. Brown, Euronet's Chairman and Chief Executive Officer. "Their online presence, affordable rates and deep knowledge of foreign exchange markets, combined with our strong bank relationships, global market entry expertise and solid balance sheet will allow us to expand and improve both Ria's and HiFX's product offerings and increase our market share in a fast-growing sector that produces 9.9 billion payment transactions per year."

Under the terms of the purchase agreement announced on March 10, 2014, Euronet acquired HiFX for approximately [Pounds]145 million or $242 million. The purchase consideration was comprised of approximately 1.3 million shares of Euronet stock and approximately $185 million in cash, including approximately $78 million of cash on hand and approximately $107 million funded using Euronet's revolving line of credit. HiFX, now a wholly owned subsidiary of Euronet, will present its financial results with Euronet's existing money transfer segment. Consistent with the previous announcement, Euronet expects HiFX will contribute approximately 15 cents to Euronet's annual cash earnings per share in the first full year under Euronet ownership. 

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