EML acquires Prepaid Financial Services for £226 million

EML acquires Prepaid Financial Services for £226 million

Ireland-based Prepaid Financial Services has agreed to sell 100% of its share capital to Australian payments firm EML for £226 million upfront plus an earn-out component worth £55 million.

PFS, which employs more than 100 people in Meath, provides electronic payment products, including e-currencies and virtual and physical prepaid cards in more than two dozen countries.

Its platforms support more than 26 currencies.

Noel Moran, CEO of PFS says: “From humble beginnings over a decade ago, PFS started life at a kitchen table and now we are so happy to be listed on the Australian stock exchange as a result of this transaction. The EML product suite adds considerably to our existing capabilities and our combined global reach enables the group to service clients worldwide.”

Moran and his wife own a combined 81.5% stake in the business, netting them a cool £228 million from the sale.

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