Under the terms of the agreement, Global Payments paid la Caixa EUR125m to acquire a 51% majority ownership in the venture using existing cash resources in Europe and debt from its new credit facilities.
la Caixa retained the remaining 49% and contributed its existing merchant acquiring business to the joint venture.
In addition, the bank has agreed to a 20 year marketing alliance in which la Caixa will refer customers to the joint venture.
Global Payments chairman and CEO Paul Garcia said Global Payments is honored that la Caixa has partnered with Global Payments, and Global Payments believes that the bank’s market presence, coupled with Global Payments’ singularly focused sales efforts will drive long term growth.
