Payments solutions company EML has embarked on a $400 million-plus acquisition of European rival PFS.
The company will announce the acquisition Monday and raise $250 million of equity to pay for the deal.
Working on the transaction is UBS and RBC.
Shares will be sold at $3.55 each which is a 6 per cent discount to its last closing share price.
READ MORE: EML poised to expand international business
The raise is by way of a placement and a rights issue.
EML is one of the best-performing fintech companies on the Australian Securities Exchange this year.
It is poised to expand its burgeoning international business in the shopping mall gift card market.
EML is now behind gift card programs in more than 900 shopping malls across the US and Europe — including Westfield’s centres in Europe.
More than 60 per cent of EML’s revenue comes from gift cards, which chief executive Tom Cregan said remained a focus for acquisitions and partnerships.
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