29 August 2016
Find out more

Global Payments sets up merchant acquiring JV with la Caixa

18 November 2010  |  9391 views  |  0 handshake

US transaction processor Global Payments is to pay EUR120 million in cash to acquire a 51% stake in a new merchant processing joint venture with Spanish savings bank la Caixa.

For the calendar year 2010, la Caixa's merchant acquiring business is expected to generate revenue of over EUR60 million from about 590 million transactions. The unit is the market leader in Spain with over 150,000 merchant outlets and a 21% market share in merchant acquiring.

Under the agreement, la Caixa will retain a minority 49% stake in the business and commit to a 20-year customer referencing alliance. The Spanish bank says the deal provides a partner capable of extending the business beyond Spanish shores to European payment markets.

Juan Maria Nin, la Caixa CEO says: "The deal represents an important step for la Caixa in the international growth of its payments systems business. La Caixa and Global Payments share the same attitude towards the importance of new technologies and are committed to capitalising on the new business opportunities that these generate."

Global Payments chief Paul Garcia says the venture fits with the firm's objective for global and EU business expansion in the merchant acquiring space. "We expect to grow the customer base by providing increased sales resources and focus on the merchant acquiring business," he says.

Comments: (0)

Comment on this story (membership required)

Finextra news in your inbox

For Finextra's free daily newsletter, breaking news flashes and weekly jobs board: sign up now

Related stories

Tsys enters merchant acquiring business with FNMS stake

Tsys enters merchant acquiring business with FNMS stake

01 March 2010  |  7793 views  |  0 comments
Global Payments to sell money transfer units to Palladium Equity

Global Payments to sell money transfer units to Palladium Equity

18 November 2009  |  5866 views  |  0 comments
Allied Irish in merchant acquiring JV with First Data

Allied Irish in merchant acquiring JV with First Data

14 November 2007  |  10563 views  |  0 comments
Global Payments inks card processing deal with Sarajevo's Postbank

Global Payments inks card processing deal with Sarajevo's Postbank

15 August 2007  |  5354 views  |  0 comments

Related company news

 

Related blogs

Create a blog about this story (membership required)
Find out moreVisit VocaLink.comVisit equens.com

Top topics

Most viewed Most shared
hands typing furiouslyBig Data's Three Big Trends in 2016
8356 views 5 | 22 tweets | 13 linkedin
hands typing furiouslyHow Banks Are Losing Millions by Ignoring...
7942 views 11 | 24 tweets | 10 linkedin
India's Unified Payments Interface goes live with 21 banksIndia's Unified Payments Interface goes li...
6974 views comments | 16 tweets | 20 linkedin
Nordea looking for AI and blockchain breakthroughsNordea looking for AI and blockchain break...
6812 views comments | 17 tweets | 21 linkedin
R3 blockchain consortium sheds light on Concord projectR3 blockchain consortium sheds light on Co...
6327 views comments | 14 tweets | 14 linkedin

Featured job

Find your next job