Fintrax group acquires Planet Payment
20 December 2017 | 4860 views | 0
Fintrax Group, a leader in digital payment processing for international shoppers, today announces it has acquired Planet Payment, Inc. (NASDAQ: PLPM), a leading provider of international and multi-currency processing services, in a deal worth €219M ($257M).
Eurazeo, a leading global investment company listed in Paris, is contributing €109M to the financing of this acquisition as the majority shareholder in Fintrax since 2015.
The combined business will employ over 1,000 staff in 40 offices across the world and will process over €15billion in payment related services in 2017.
This strategic acquisition will position Fintrax Group at the forefront of global digital payments innovation. Planet Payment’s suite of solutions, including a service that allow banks and merchants to offer customers personalized payments in their home currency at the point of sale, online or at the ATM, are complementary to Fintrax Group’s current product offering, which includes VAT refund services as well as similar Dynamic Currency Conversion payment processing services. The acquisition will build on the strengths of both businesses, taking their respective portfolio of services to an extended set of customers in new regions around the world.
Patrick Waldron, Chief Executive Officer of Fintrax Group said, “The purchase of Planet Payment expands our ability to serve our 300,000 global merchants, both directly and through 100 partner banks. Our combined business will operate in 55 countries across five continents, positioning us as a leader in Dynamic Currency Conversion (DCC) and multi-currency processing in North America, Latin America, Asia Pacific, the Middle East, Africa and Europe. We look forward to working with Carl Williams and his team, who have built an impressive business with some of the world’s leading acquirers and banks”.
Carl J. Williams, Chairman and Chief Executive Officer, Planet Payment added, “We are excited to join the Fintrax organization and to combine our unique products and services, adding more value to our banks and acquirers. Fintrax will bring increased global scale, investment that expands our services, and ultimately deepens our relationships with our customers”.
BofA Merrill Lynch served as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP served as legal counsel to Fintrax. FT Partners served as financial advisor and Goodwin Procter LLP served as legal counsel to Planet Payment.