EML Payments: Acquires UK fintech Flex-e-Card Limited(FEC) for $40.5m
- EML Payments executed a share purchase agreement to acquire the shopping centre-focused gift card solutions company for £21.6 million
- It funded by around $25.5 mn in cash reserves and a further $15 mn from a debt facility with an Australian bank
- Adds 226 shopping mall gift card programs to FEC’s portfolio with EML now participating in Poland and the U.A.E.
- Globally, EML will now support over 800 shopping mall gift card programs
- Gross Debit Volume of EML to increase by an estimated $180m
- FEC expected to generate $10m in revenue & $4.1m of EBTDA in the first year of ownership