Euronet Worldwide, Inc. (EEFT), a leading global electronic payments provider, today announced it has completed the acquisition of U.K.-based ATM operator, YourCash Europe Limited. The acquisition includes approximately 5,000 ATMs across the U.K., Netherlands, Belgium and Ireland.
With the addition of YourCash, the combined businesses will operate independent ATM networks in 21 European countries. YourCash provides Euronet with additional experience and resources in key Western European markets and a greater access to retailers – particularly in the U.K. and Netherlands. YourCash will benefit from Euronet’s leading ATM processing capabilities, large-scale operational expertise, additional capital for ATM deployments, as well as a best-in-class technology platform which will enable more value-added products on their ATMs and diversify the value propositions to their merchant and bank partners.
“YourCash has a management team that shares our vision of bringing financial convenience to customers, and has a proven track record of delivering strong growth in new and existing markets,” said Nikos Fountas, Euronet’s Executive Vice President and Chief Executive Officer - EFT Europe. “This is a great opportunity to leverage the benefits that each organization brings to the partnership in order to expand Euronet’s ATM coverage across Europe, create additional value for all of our customers, accelerate revenue growth and achieve market synergies across the businesses.”
Jenny Campbell, CEO and principal shareholder of YourCash said, “We are excited to join the Euronet family. After years of excellent organic growth and expansion into new markets, we are excited to be able to leverage Euronet’s global scale, value added product portfolio, technology, industry expertise and financial strength to further expand our business.”
YourCash generated approximately £29.0 million in 2015 revenues and is expected to be accretive to Euronet’s Adjusted Cash Earnings per Share by approximately $0.07 - $0.08 in the first full year of operations.
Not including the ATMs of YourCash, Euronet operates nearly 26,000 ATMs across 50 countries and provides services to approximately 185,000 ATMs around the world.