Global Payments Completes DolEx Dollar Express Acquisition

Wednesday 12 November 2003 17:31 CET | News

Global Payments has acquired 100 percent of the outstanding equity interests of Latin America Money Services, LLC and an operating subsidiary, DolEx Dollar Express, Inc. (DolEx). DolEx is a leading electronic money transfer firm operating in the U.S. to Latin America corridor.

Through approximately 550 retail branches in the U.S., DolEx serves a growing market of predominantly Latino customers who send money to beneficiaries in Latin America. Beneficiaries collect these funds from over 8,500 bank, exchange house, and retail settlement locations in Latin America. Under the terms of the agreement, Global has paid approximately $190 million for DolEx in a combination of $65 million in cash and $125 million in debt. Concurrent with this acquisition, the company has changed the name of its Funds Transfer service offerings to Money Transfer, under which DolEx revenue will be reported. For the year ended December 31, 2002, DolEx processed approximately 4.6 million electronic money transfer transactions with audited revenue of $69.9 million. More than 80 percent of DolEx transactions are made using over 300,000 proprietary Amigo Latino cards.

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Categories: Payments & Commerce | Payments General
Countries: World
This article is part of category

Payments & Commerce