Global payments services company Euronet has entered a definitive agreement to acquire CoreCard Corporation, a US-based credit technology solutions provider.
The acquisition values CoreCard at approximately $248 million, or $30 per CoreCard share.
The deal is structured as a stock-for-stock merger transaction with an exchange ratio between 0.2783 and 0.3142 shares of Euronet common stock for each share of CoreCard. The companies expect to complete the deal by late 2025.
Founded in 2001, CoreCard operates a credit card issuing and processing platform. It provides card management tools and transaction processing to support various card products, including prepaid, revolving credit, fleet, debit, loans, and private-label cards.
The deal will see Euronet add CoreCard’s credit card issuing and processing tech to its product suite as the company looks to expand its US footprint and diversify its revenue mix.
The integration will complement Euronet’s existing focus on credit and debit card processing, money transfers, currency exchange, and ATM services.
Michael J. Brown, Euronet’s chairman and CEO, states that the acquisition “will be a catalyst for long-term growth, and we expect it to be accretive in the first full year post close”.
Source: https://www.fintechfutures.com/
