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Global Payments Expands Worldwide Presence in Money Transfer Industry through Acquisition of Europhi

Thursday 23 December 2004 15:30 CET | News

Global Payments Inc., a worldwide provider of electronic transaction processing solutions, has acquired a group of European electronic money transfer firms from individual investors. These firms operate collectively under the name Europhil.

Founded in 1989, Europhil was one of the first money transfer firms established in Spain. Based in Madrid, the group operates 26 retail branches in Spain, Belgium and the United Kingdom. Europhils vast settlement network includes approximately 1,000 locations in over 20 countries. More than 80 percent of its money transfers are sent to Latin American countries, including Ecuador, Columbia, Bolivia and Brazil. Most of its remaining money transfers are sent to African and Asian countries, including Morocco, the Philippines and India. We are pleased to expand our position in the fast-growing money transfer industry, said Paul R. Garcia, chairman, president and CEO of Global Payments. With this strategic acquisition, we are entering a new region outside the U.S. with large fund flows into our core Latin American market, in addition to accessing new and attractive money transfer regions in Europe, Africa and Asia, continued Garcia. Europhil is remarkably similar to DolEx in its early stages, with a fixed-cost business model, a dedicated management team and a potential for high growth, added Raul Limon, who, as president of DolEx, will have responsibility for Europhil. We are excited about this unique opportunity to combine our strengths and expand our share of these large markets, continued Limon. For calendar year 2004, Europhil anticipates approximately $12 million in revenue. Over the long term, Global anticipates strong revenue growth and earnings accretion from this transaction, as the company expands Europhils branch presence, enters new fund flow corridors and leverages its DolEx channel. In its second quarter earnings release, Global will update its fiscal 2005 guidance to reflect this acquisition.


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Keywords: ,
Categories: Payments & Commerce | Payments General
Countries: World
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Payments & Commerce


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