EML Payments to Acquire Prepaid Financial Services

  • Nov 11, 2019 AEDT
  • Team Kalkine

EML Payments Limited (ASX: EML) is set to acquire Prepaid Financial Services (Ireland) Limited (PFS) for an upfront enterprise value of $423 million, including an earn-out component of up to $103 million.

The company is undertaking:

  • A fully underwritten entitlement offer to raise ~$183 million.
  • A fully underwritten institutional offer to raise ~$67 million.
  • A new fully underwritten multicurrency $175 million debt facility.
  • Share consideration to continuing management of PFS of ~$77 million at the offer price.

New shares would be issued at $3.55 per share under the offers.

 

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