LEAWOOD, Kansas -- Euronet Worldwide, Inc. (NASDAQ: EEFT) says it has completed a private placement of 625,000 shares of its common stock at $20 per share, for gross proceeds of $12.5 million.
"This placement, together with the proceeds from the January sale of DASH assets, brings our current cash resources to approximately $30 million," said Kendall Coyne, Euronet chief financial officer. "This additional cash, combined with the reduction of our debt over the past year, strengthens our balance sheet and adds to our shareholders' equity."
Euronet in January sold its DASH network, which drives 531 ATMs in 35 states and U.S. territory, to ALLTEL Information Services for approximately $6.8 million, with $650,000 going into an escrow account for one year.
ALLTEL also paid $5 million to license Euronet's Integrated Transaction Management (ITM) software system, which provides transaction switching, interfaces to major payment networks and management of ATM and debit card transaction processing, as well as POS and merchant management systems.
Euronet Worldwide provides financial payment middleware, financial network gateways, outsourcing and consulting to financial institutions and mobile operators. Euronet has processing centers located in the U.S., Europe and Asia, and owns and operates the largest independent ATM network in Europe.
