EML Payments LTD acquires PFS in £226m deal

Prepaid Financial Services Ireland Limited (PFS) has announced that it has entered into a binding agreement to sell the company to EML Payments Ltd for £226m.

Noel Moran, CEO of PFS said: “From humble beginnings over a decade ago, PFS started life at a kitchen table and now we are so happy to be listed on the Australian stock exchange as a result of this transaction. It has been a magnificent journey and I am excited about the possibilities and opportunities that this will bring to us over the coming years.

“I look forward to working with the EML team and cross-selling our expanded payment solutions over a global footprint. The EML product suite adds considerably to our existing capabilities and our combined global reach enables the group to service clients worldwide.”

EML Managing Director and Group Chief Executive Officer, Tom Cregan said: “The acquisition of PFS continues to consolidate EML’s market position as one of the largest FinTech enablers in open banking and prepaid globally. PFS is highly complementary to EML’s existing solutions suite and adds digital banking and multi-currency offerings to our existing suite, while expanding our global market footprint and ability to cross-sell PFS’ solutions.”

Keefe, Bruyette & Woods’ specialist Financial Technology Investment Banking team in London acted as sole and exclusive financial adviser to PFS, Eversheds Sutherland acted as legal counsel and GBW Accountants Ireland provided accounting advisory.