Digital payment processing firm Fintrax Group has announced the acquisition of Planet Payment (NASDAQ:PLPM) in a deal valued at approximately $257 million. Fintrax’s majority shareholder, Eurazeo, will contribute 109 million euros to finance the acquisition. Eurazeo has been Fintrax’s majority shareholder since 2015.

Following the acquisition, the combined entity will have a total workforce of more than 1,000 employees located in 40 offices spread all over the globe. This year the combined business is expected to process more than 15 billion euros. With the acquisition Fintrax Group will be well positioned to lead in innovation with regards to digital payments.

Suite of solutions

Some of the suite of solutions that the New York-based Planet Payment offers includes a service which allows merchants and banks to provide customers with personalized payments in a currency of their choice at automated teller machines, points of sale locations or even online. This will complement the current offering from Fintrax Group which includes VAT refund services besides payment processing services which provide dynamic currency conversion.

The acquisition will enable both businesses to offer their portfolio of services in new regions across the globe as it will build on their individual strength.

“The purchase of Planet Payment expands our ability to serve our 300,000 global merchants, both directly and through 100 partner banks. Our combined business will operate in 55 countries across five continents,” said Fintrax Group’s chief executive officer, Patrick Waldron.

Tourist VAT refunds

Fintrax Group was founded more than three decades ago and has emerged as one of the biggest players in the world with regards to the processing of tourist VAT refunds. It is Premier Tax Free’s parent firm with operations in around 34 markets across the globe. The number of retail merchants it serves numbers over 14,000 in more than 150,000 stores.

Fintrax is available in 5,750 outlets in Ireland and this includes Arnotts and Weirs as well as Brown Thomas. This year Fintrax is expecting revenues exceeding 260 million years which is an improvement from last year’s 225 million euros.

In its last trading day on December 20, the stock of Planet Payment closed the day’s session at $4.49 a share.