LEAWOOD, Kan., March 10, 2014 (GLOBE NEWSWIRE) -- Euronet Worldwide, Inc. (Nasdaq:EEFT), a leading global electronic payments provider and distributor, today announced that it has entered into an agreement to acquire U.K.-based HiFX, a fast-growing provider of online initiated international payments and foreign exchange services, for £145 million or approximately $242 million. Twenty-five percent of the purchase price will be paid in shares of Euronet stock and the balance in cash; Euronet's existing revolving credit facility will be used to fund a portion of the cash consideration.
The HiFX management team brings significant foreign currency and account-to-account money transfer knowledge. They delivered approximately $64 million in revenue and $18 million in Adjusted EBITDA in 2013, which have grown at compounded annual growth rates of 10% and 25%, respectively, over the last three years. HiFX will continue to be managed by current CEO, Matthew Knowles, who will report to Juan Bianchi, Managing Director of Euronet's Money Transfer Segment. Euronet expects to integrate HiFX into its Money Transfer segment and retain HiFX's 200 employees worldwide."Euronet is a truly global e-payments company and we share many common values. Their industry leading money transfer expertise, existing bank relationships, global market entry expertise and strong balance sheet give us enormous scale to realize our ambitions for the business and continue to build a global foreign exchange company based on consistent bank-beating exchange rates, innovative technology and world-class customer service," said Matthew Knowles, Chief Executive Officer of HiFX. Euronet expects the acquisition, which is subject to customary regulatory approvals and closing conditions, to close in the second quarter. Euronet estimates that the acquisition will contribute approximately 15 cents to Euronet's annual cash earnings per share in the first full year under Euronet ownership. Euronet will host a conference call Tuesday, March 11, 2014, at 8:00 a.m. U.S. Eastern Time to discuss the details of the HiFX acquisition. To listen to the call via telephone, dial 877-303-6313 (USA) or +1-631-813-4734 (non-USA). The conference call will also be available via webcast at http://ir.euronetworldwide.com. Participants should go to the website at least five minutes prior to the event's scheduled start time to register. A slide presentation will be included in the webcast. For those unable to attend the live broadcast, a replay will be available beginning approximately one hour after the event at http://ir.euronetworldwide.com. About Euronet Worldwide, Inc. Euronet Worldwide is an industry leader in processing secure electronic financial transactions. The Company offers payment and transaction processing solutions to financial institutions, retailers, service providers and individual consumers. These services include comprehensive ATM, POS and card outsourcing services, card issuing and merchant acquiring services, software solutions, consumer money transfer and bill payment services, and electronic distribution for prepaid mobile phone time and other prepaid products.
Euronet's global payment network is extensive - including 18,311 ATMs, approximately 68,000 EFT POS terminals and a growing portfolio of outsourced debit and credit card services which are under management in 43 countries; card software solutions; a prepaid processing network of approximately 665,000 POS terminals at approximately 294,000 retailer locations in 35 countries; and a consumer-to-consumer money transfer network of approximately 216,000 locations serving 135 countries. With corporate headquarters in Leawood, Kansas, USA, and 52 worldwide offices, Euronet serves clients in approximately 155 countries. For more information, please visit the Company's website at www.euronetworldwide.com.About HiFX HiFX is one of the largest and best known international money transfer specialists in the U.K. and Australasia with a reputation for consistently offering highly competitive, bank-beating exchange rates to both private individuals and businesses alike. To date, they have transferred in excess of $165 billion. Established in 1998, HiFX works with over 80,000 private individuals each year and 6,000 corporate clients worldwide. With more reviews than any other currency specialist, HiFX has earned a 5-star 'excellent' rating from 5,000+ verified independent Trustpilot reviews. HiFX customers love both the rates and the service they receive and the company has a hard-earned reputation for providing excellent value for money and complete peace of mind. Security & peace of mind:
- HiFX systems work to 99.999% uptime standards just like the world's banks ensuring client payments arrive on time every time.
- Automatic notifications via email or SMS keep customers up to date with their transfers every step of the way.
- Advanced anti-fraud safeguards make HiFX a safe, fast way to make international money transfers.
CONTACT: Euronet Worldwide, Inc. Stephanie Taylor email@example.com (913) 327-4200 HiFX plc. Mark Bodega Mark.firstname.lastname@example.org +44(0)1753 751776