In support of its push to tackle the U.S. Market, Optimal Payments Plc has moved to acquire California-based payment processing entity Meritus Payment Solutions (business name of TK Global Partners LP) for $210 million. The deal will be paid out in $150 million cash, and $60 million in Optimal Stock, which will be released in four equal tranches over the next four years.
In a separate deal, Optimal Payments has moved also to acquire the trade and assets of Global Merchant Advisors, Inc. an American online payments company for $15 million in cash.
“The US market represents the single greatest expansion opportunity for Optimal Payments. After careful evaluation of a number of potential candidates, Meritus stood out as the perfect choice on all fronts,” said Optimal CEO Joel Leonoff, in a released statement. “The company's strong stakeholder relationships, multi-channel sales force, established presence with small and medium businesses in the US and entrepreneurial spirit makes them an ideal acquisition for us. I am very excited about the combination of our businesses which immediately accelerates the Group's growth opportunities and accomplishes a stated key strategic goal for us in 2014."
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