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Home » Visa Acquires UK Cross-Border Payment Facilitator Earthport

Visa Acquires UK Cross-Border Payment Facilitator Earthport

Kelly Cromley by Kelly Cromley
Dec 29, 2018
in Market News, News
Reading Time: 1 min read
0

Reuters reported that Visa Inc (V.N) is paying £198 million ($250.6 million) to purchase Earthport Plc (EPO.L), a British company that facilitates international transactions for banks and companies, said the US payment group on Thursday.

Visa International Service Association, a Visa unit, offered 30 pence per share of Earthport, a price four times the Monday closing price of 7.45 pence. Earthport shares increased in early Thursday’s trade and corresponded to the offer price.

The London-based company said that Visa’s proposal was “fair and reasonable” and recommended that its shareholders accept the all-cash offer.

The shares of Earthport, listed on the secondary market of the London Stock Exchange, have fallen by more than 28% this year in the midst of increasing losses and expenditure, forcing the company to state last month that “fundamental” change was required in its strategy.

Earthport says it offers a cheaper alternative to traditional payment systems by allowing banks and money transfer companies to have a single relationship instead of multiple links with different payment channels worldwide.

A growing business for Visas is cross-border payments or transactions involving parties in two or more countries. In the financial year 2018, Visa said in October, the volume of such payments increased by 10%.

Earthport, which has Bank of America Merrill Lynch and Japan Post Bank as its clients, said Visa’s offer was a revised proposal following last month’s indicative offer from the US company. Rothschild & Co advised Earthport on the deal while Visa was advised by Goldman Sachs.

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