News

Fintrax Group to acquire Planet Payment

October 31, 2017

Fintrax Group, a Galway, Ireland-based provider of multicurrency digital payment processing for tourists, and Planet Payment Inc., a Long Beach, New York-based provider of international and multicurrency processing and ATM services, have entered into a definitive agreement under which Fintrax will acquire Planet Payment for $4.50 per share in cash.

"The acquisition of Planet Payment will expand our ability to serve global customers, particularly in the U.S., Canada, the Middle East, Latin America, China and Southeast Asia," Fintrax CEO Patrick Waldron said in the release. "We look forward to working with Carl Williams and his team to grow the combined business."

"We are excited to be joining the Fintrax organization and to combining our unique products and services, thus adding more value to our customers," Planet Payment Chairman and CEO Carl J. Williams said.

The Board of Directors of Planet Payment has unanimously approved the transaction, which is subject to Planet Payment stockholders tendering a majority of the company's outstanding shares, as well as otherregulatory approvals and customary closing conditions.

The transaction is expected to close by year-end.