Fintrax’s €219 Million Acquisition of Planet Payment

BofA Merrill Lynch served as financial advisor and Skadden, Arps, Slate, Meagher & Flom LLP served as legal counsel to Fintrax. FT Partners served as financial advisor and Goodwin Procter LLP served as legal counsel to Planet Payment.

Fintrax Group, a leader in digital payment processing for international shoppers, today announces it has acquired Planet Payment, Inc. (NASDAQ: PLPM), a leading provider of international and multi-currency processing services, in a deal worth €219M ($257M). Eurazeo, a leading global investment company listed in Paris, is contributing €109M to the financing of this acquisition as the majority shareholder in Fintrax since 2015.

The combined business will employ over 1,000 staff in 40 offices across the world and will process over €15billion in payment related services in 2017.

This strategic acquisition will position Fintrax Group at the forefront of global digital payments innovation. Planet Payment’s suite of solutions, including a service that allow banks and merchants to offer customers personalized payments in their home currency at the point of sale, online or at the ATM, are complementary to Fintrax Group’s current product offering, which includes VAT refund services as well as similar Dynamic Currency Conversion payment processing services. The acquisition will build on the strengths of both businesses, taking their respective portfolio of services to an extended set of customers in new regions around the world.

Founded in 1985, Fintrax Group is a leader in digital payment processing, providing international shoppers, merchants, partner banks and acquirers with easy, fast and reliable services. Fintrax has operations in 34 countries with over 800 staff and recently became part of the Eurazeo portfolio of growth companies in December 2015. Fintrax is headquartered in Galway, Ireland.

Planet Payment is a leading provider of international payment processing and multi-currency processing services. Planet Payment provides services in 23 countries and territories across the Asia Pacific region, North America, the Middle East, Africa and Europe, primarily through its 77 acquiring bank and processor customers. Its point-of-sale and e-commerce services help merchants sell more goods and services to consumers, and together with its ATM services are integrated within the payment card transaction flow enabling its acquiring customers, their merchants and consumers to shop, pay, transact and reconcile payment transactions in multiple currencies, geographies and channels. Planet Payment is headquartered in New York and has offices in Atlanta, Beijing, Bermuda, Delaware, Dubai, Dublin, London, Hong Kong, Mexico City, Shanghai and Singapore.

Allen & Overy advised Fintrax with a team including

Adrian Mellor, Géraldine Lezmi, Delphine Heng (Banking & Fiinance), Marc Castagnède, Anne-Caroline Payelle (M&A), Mathieu Vignon, Pierre Dabin, Lydia Challen, Lucinda White (Tax) and Alicia Ayton (Banking & Finance)

Goodwin advised with a team including James Matarese (Picture), Blake Liggio, Michael Minahan, Alessandra Murata, Lillian Kim and Tobias Schad.

Involved fees earner: James Matarese – Goodwin Procter; Blake Liggio – Goodwin Procter; Michael Minahan – Goodwin Procter; Lillian Kim – Goodwin Procter; Tobias Schad – Goodwin Procter; Alessandra Murata – Goodwin Procter; Adrian Mellor – Allen & Overy; Géraldine Lezmi – Allen & Overy; Delphine Heng – Allen & Overy; Alicia Ayton – Allen & Overy; Marc Castagnede – Allen & Overy; Anne-Caroline Payelle – Allen & Overy; Mathieu Vignon – Allen & Overy; Pierre Dabin – Allen & Overy; Lydia Challen – Allen & Overy;

Law Firms: Goodwin Procter; Allen & Overy;

Clients: Planet Payment Inc.; Fintrax Group Holdings Limited;


Author: Ambrogio Visconti