The total value of the transaction is USD 210 million consisting of USD 150 million in cash and USD 60 million of Optimal Payments shares, which are issued in equal tranches over 4 years (commencing on the first anniversary of the closing date), subject to customary closing adjustments (the “Meritus Acquisition”). Optimal Payments will operate locally by keeping the Meritus brand.
Moreover, Optimal Payments, as a mandatory clause prior to the acquisition of Meritus, has also signed a deal to acquire the trade and assets of Global Merchant Advisors, a US-based online payments company, for up to USD 15 million in cash, USD 10 million of which is payable on closing and the balance based on future performance of the business (the “GMA Acquisition”).
Both acquisitions are conditional on one another and subject to customary closing conditions. The transactions are expected to resume in Q3 2014 and Bank of Montreal has committed to provide financing for the acquisitions via multi-currency credit facilities of USD 150 million.
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