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.
About Fintrax Group Founded in 1985, Fintrax
Group is a leader in digital payment processing, providing
international shoppers, merchants, partner banks and acquirers with
easy, fast and reliable services. Fintrax has operations in 34
countries with over 800 staff and recently became part of the
Eurazeo portfolio of growth companies in December 2015. Fintrax is
headquartered in Galway, Ireland. For more information, please
visit www.fintrax.com.
About Planet Payment Planet Payment is a
leading provider of international payment processing and
multi-currency processing services. Planet Payment provides
services in 23 countries and territories across the Asia Pacific
region, North America, the Middle East, Africa and Europe,
primarily through its 77 acquiring bank and processor customers.
Its point-of-sale and e-commerce services help merchants sell more
goods and services to consumers, and together with its ATM services
are integrated within the payment card transaction flow enabling
its acquiring customers, their merchants and consumers to shop,
pay, transact and reconcile payment transactions in multiple
currencies, geographies and channels.
Planet Payment is headquartered in New York and has offices in
Atlanta, Beijing, Bermuda, Delaware, Dubai, Dublin, London, Hong
Kong, Mexico City, Shanghai and Singapore. Visit
www.planetpayment.com for more information about Planet Payment and
its services.
Forward-Looking Statements Any statements made
in this communication that are not statements of historical fact,
including statements about the expected timetable for completing
the transaction and Planet Payment’s beliefs and expectations and
statements about the tender offer and Fintrax’s proposed
acquisition of Planet Payment, including the timing of and closing
conditions to the acquisition, and the potential effects of the
acquisition on both Fintrax and Planet Payment are forward-looking
statements that are based on management’s beliefs, certain
assumptions and current expectations and should be evaluated as
such. These statements may be identified by their use of
forward-looking terminology such as the words “expects,”
“projects,” “anticipates,” “intends” and other similar words.
Forward-looking statements include statements that may relate to
Fintrax’s or Planet Payment’s plans, objectives, strategies, goals,
future events, future revenues or performance, and other
information that is not historical information. Such
forward-looking statements involve risks and uncertainties that
could cause actual results to differ materially from those
projected. These risks and uncertainties include, but are not
limited to, general economic, business and market conditions and
the satisfaction of the conditions to closing of the proposed
transaction. For a more complete discussion of certain of the risks
and uncertainties that could cause actual results to differ from
those contained in the forward-looking statements with respect to
Planet Payment, see the discussion of risks and uncertainties in
Planet Payment’s quarterly report on Form 10-Q for the quarterly
period ended September 30, 2017 and other reports Planet Payment
files under the SEC. The forward-looking statements contained in
this report are made as of the date hereof, and Planet Payment
undertakes no obligation to update any forward-looking statements,
whether as a result of future events, new information or otherwise,
except as expressly required by law. All forward-looking statements
in this document are qualified in their entirety by this cautionary
statement.
Contacts: Fintrax GroupAlison Hicks/Liam
Johnson Fintrax@fourcommunications.com Tel: +44 (0)20 3697 4200
www.fintrax.com
Contacts:Planet Payment, Inc. Raymond D’Aponte,
Chief Financial Officer rdaponte@planetpayment.com Tel:
516-670-3200 www.planetpayment.com
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