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HomeDaily newsElavon to sell Mexican acquiring operation to Santander


ELAVON TO SELL MEXICAN ACQUIRING OPERATION TO SANTANDER

By Alex Rolfe February 24, 2020 Daily news


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Elavon says it will divest its Mexico-based operations to Santander. The deal,
subject to regulatory approval, is expected to close in the next few weeks.
Elavon currently provides payment processing solutions and services to more than
1.3 million customers in the US, Europe, Canada, Mexico and Puerto Rico.

Elavon sell Mexican acquiring operation

Per the deal, all Elavon’s employees in Mexico, including operations and
customer relationships, will be transferred to Santander. The company noted that
the divesture is not expected to have any impact on its other operations.

Jamie Walker, CEO of Elavon, said “We have been pleased with the performance of
our business in Mexico. This agreement is a mutually-beneficial opportunity that
will allow Santander to operate the business holistically and allow Elavon to
focus investments in higher growth opportunities in other markets in the United
States, Canada and Europe.”

Earlier in April 2019, the Spanish bank announced its plan to hasten its growth
in global payment initiatives by acquiring businesses and utilising the growth
potential of its Brazilian subsidiary, Getnet. The acquisition of Elevon Mexico
is part of the company’s strategy to accelerate its payment services. Elavon
signed a strategic alliance with Banco Santander in 2010 through which they are
operating the acquiring business in Mexico. The bank is expecting to widen its
payment options for its sales to reduce the use of cash.

According to the deal, Santander Group will acquire all of the shares in Elavon
México for MXN 1,600 million (approximately $86 million and €79 million). 49% of
the company will be owned by Santander Mexico while 51% by Santander Merchant
Platform Solutions (SMPS), which belongs to Santander Group.



tags: SantanderElavon



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