RushCard is an online direct-to-consumer general purpose reloadable prepaid card provider and Rapid! PayCard is a corporate payroll card provider.The acquisition, which maps to “Step Five” of Green Dot’s “Six Step Plan” to enhance shareholder value, materially expands Green Dot’s scale with the addition of the RushCard and Rapid! PayCard installed customer bases, while establishing Green Dot as a formidable player in the growing corporate payroll card and wage disbursement market.
Green Dot will acquire UniRush for USD 147 million plus a minimum USD 4 million annual earn-out payment for five years post closing. The acquisition is expected to close prior to the end of Q1 2017, subject to customary closing conditions.
BofA Merrill Lynch acted as financial advisor to Green Dot in connection with the acquisition and Strategic Law Partners served as Green Dot’s legal counsel. William Blair acted as financial advisor for UniRush and Debevoise Plimpton served as UniRush’s legal counsel.
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