EVOP - EVO Payments forms joint venture with National Bank of Greece for $180M

The National Bank of Greece (OTCPK:NBGIF) will spin off its merchant acquiring business as a new entity and EVO Payments (NASDAQ:EVOP) will pay €158M ($180M) to acquire a 51% interest in joint venture. The transaction also included a marketing alliance in which the National Bank of Greece will exclusively refer customers to the joint venture, while EVOP will manage the venture and provide card acceptance solutions through its proprietary products and processing platforms. The transaction is expected to close in 2022. The joint venture's financial performance is expected to be accretive to the mid-teen revenue growth rate of EVO's (EVOP) Europe segment. Conference call on Dec. 17 at 8:00 AM ET. Last month, EVO Payments (EVOP) shares climbed after a report that it rejected a takeover offer from Shift4 Payments.

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EVO Payments forms joint venture with National Bank of Greece for $180M