Optimal Payments, a global online payments and risk management provider, has agreed to purchase California based payment processing entity TK Global Partners LP (Meritus), as part of its strategy to expand US payment capabilities.
The purchase price of $210m includes $150m in cash and $60m of Optimal Payments shares, which will be issued in equal tranches over four years commencing on the first anniversary of the closing date.
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Additionally, Optimal Payments has also signed a definitive agreement to buy the trade and assets of Global Merchant Advisors (GMA) for up to $15m in cash.
Subject to customary closing conditions and regulatory approvals, the completion of the Meritus Acquisition and the GMA Acquisition is likely to conclude during the third quarter of 2014.
Optimal Payments president and CEO Joel Leonoff said, "After careful evaluation of a number of potential candidates, Meritus stood out as the perfect choice on all fronts."
"The company’s strong stakeholder relationships, multi-channel sales force, established presence with small and medium businesses in the U.S. and entrepreneurial spirit makes them an ideal acquisition for us."
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