Business
Euronet Worldwide, Inc. Completes Purchase of Merchant Acquiring Business of Piraeus Bank in Greece
LEAWOOD, Kan., March 16, 2022 (GLOBE NEWSWIRE) -- Euronet Worldwide, Inc. (NASDAQ: EEFT), a leading global financial technology solutions and payments
About this update from Euronet Worldwide, Inc.
[{"type":"text","content":"LEAWOOD, Kan., March 16, 2022 (GLOBE NEWSWIRE) -- Euronet Worldwide, Inc. (NASDAQ: EEFT), a leading global financial technology solutions and payments provider, announced today the completion of the purchase of the Piraeus Bank Merchant Acquiring (PBMA) business of Piraeus Bank (Bank) in Greece. Originally announced on March 16, 2021, Euronet’s completed purchase of PBMA’s acquiring services and assets includes approximately 205,000 POS terminals at 170,000 merchants throughout Greece as well as the Bank’s online merchant acquiring business. The in-store acquiring business represents approximately 20 percent of Greece’s market while PBMA’s online merchant acquiring represents approximately 40 percent of online and digital transactions in the country. The acquisition also includes a separately negotiated agreement for a long-term strategic partnership with the Bank for collaborative product distribution, processing and customer referrals. Acquisition Caps Long History of Cooperation Between Euronet and Piraeus These agreements are the latest in a series of partnership arrangements with Piraeus dating back to the early 2000s. With the closing of this acquisition, Euronet and the Bank enter into a new long-term strategic partnership for a 20-year period, during which Euronet will enhance acquiring capabilities for the bank’s customers using its REN payments platform. The Bank, which has more than 400 branches throughout Greece, will support Euronet with related operational and commercial services and receive commissions for merchant acquiring referrals. “The completion of this acquisition is another milestone in the growth of Euronet as a global leader in the payments industry,” said Michael J. Brown, Chairman and CEO of Euronet Worldwide, Inc. “We have increased our footprint in a market where we have a long history of success and deep knowledge of the payments products that are in demand by consumers and businesses. The innovative capabilities of REN are a perfect fit for this environment and we are ready to capitalize on our expanded opportunities in Greece.” Euronet to Offer Acquiring Services as Well as Additional Payments Products The PBMA acquisition expands Euronet’s omnichannel payments strategy where the company uses its own proprietary technology to provide cash, card-based acquiring solutions, alternative payment acquir...