EEFT - Euronet Worldwide to acquire PBMA business of Piraeus Bank in Greece

Euronet Worldwide ([[EEFT]] -2.3%) entered into an agreement to purchase the Piraeus Bank Merchant Acquiring ((PBMA)) business of Piraeus Bank (Bank), Greece's largest bank.The company agreed to pay €300M for the segment’s acquiring services and assets that include ~205K POS terminals at 170K merchants across Greece and also its online merchant acquiring business.Transaction also includes a separately negotiated commercial agreement for a long-term strategic partnership with Piraeus Bank for collaborative product distribution, processing and customer referrals.Post the transaction, Euronet will act as the bank's exclusive long-term partner for the provision of merchant acquiring services to its customers.Acquisition expected to close in 2021.PBMA business is expected to add ~$80 to $90M of revenue and $15 to $20M of EBITDA in the first full year of operation; also estimates to add ~$3 to $5M  in incremental operating costs before the acquisition closure for enabling an effective transition from Piraeus to Euronet.

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Euronet Worldwide to acquire PBMA business of Piraeus Bank in Greece