Global Payments completes sale of its money transfer business
27 May 2010 | 6129 views | 0
Source: Global Payments
Global Payments Inc. (NYSE:GPN), a leading provider of electronic transaction processing solutions, announced today that it has completed the divestiture of its DolEx- and Europhil-branded money transfer businesses to an affiliate of Palladium Equity Partners, LLC.
Under the terms of the agreement, Global Payments will receive proceeds of $85 million. The company will provide more details on the final divestiture accounting during its year-end earnings call in July.
Global Payments' Chairman and Chief Executive Officer, Paul R. Garcia, said, "This transaction allows 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."
David Perez, a Managing Director of Palladium Equity Partners, said, "We look forward to working with the management team at DolEx/Europhil and to continue to grow and build the company."