Under the terms of the agreements, EVO and NBG will form a merchant acquiring joint venture. The Bank will spin off its merchant acquiring business into a new entity, and EVO will acquire a 51% interest in the new entity.
This transaction includes a marketing alliance whereby NBG will exclusively refer customers to the joint venture, and EVO will manage the joint venture and provide its card acceptance solutions through its proprietary products and processing platforms. EVO has agreed to pay EUR 158 million, or approximately USD 180 million, for its ownership interest in the joint venture.
The transaction is expected to close in 2022, subject to customary regulatory approvals and closing conditions. The joint venture’s financial performance is expected to be accretive to the mid-teen revenue growth rate of EVO’s Europe segment, according to businesswire.com.
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