Emerchants to acquire Store Financial Services

Company News

Emerchants Limited (ASX:EML) has agreed to acquire 100 percent of the net assets of Store Financial Services, a prepaid stored value provider in the US and Canada.
The payments provider will pay US$35 million to acquire Store Financial, with the consideration comprising of 75 per cent cash and 25 per cent Emerchants shares.
Emerchants will use the acquisition to expand its service offering into the US and Canadian market. 
The deal will be funded through an oversubscribed $58.5 million placement to institutional investors. 
EMerchants reported a net profit of $633,000 thousand at 31st of March 2016