Atlanta-based Global Payments Inc. has signed an agreement to sell two of its money-transfer businesses for up to $110 million to an affiliate of New York-based Palladium Equity Partners LLC.
Palladium will buy the DolEX and Europhil businesses, Global Payments announced today. Global Payments will receive between $85 million and $110 million depending on the operating performance of the two companies at the time of closing, according to a company news release. The deal will require regulatory approval in states and countries where DolEX and Europhil operate.
DolEx, founded in 1996, serves the U.S. Hispanic community in transferring money to Mexico, Central and South America, according to its Website. Europhil is a Spanish company founded in 1989. Its first service was transferring money from Filipino immigrants to their family members in the Philippines, according to the company Web site. It has since expanded into 140 countries worldwide.
Global Payments will use proceeds of the sale to expand its merchant credit card payment processing business, the news release said.
Learn more about Global Payments by clicking here .