Your World of Legal Intelligence
 United Kingdom | +44 (0) 20 7284 8080

RA

Document Cited in Related
Vincent

MANews-(C)2009-2022

US-based fintech company Rêv Worldwide, Inc and payment technology, in partnership with funds advised by Searchlight Capital Partners, L.P., has entered into a definitive agreement to acquire the Netspend consumer business from US-based software solutions provider Global Payments (NYSE: GPN) in an all cash transaction valued at USD 1bn, the company said.

The acquisition brings back Netspend's founders, Roy and Bertrand Sosa, who also founded Rêv.

The Sosa brothers look to leverage the strategic assets of the two entities to build a global, high growth company that delivers on a mission of financial empowerment and product innovation.

For Searchlight, this transaction represents another exciting partnership with dynamic fintech entrepreneurs while also being able to support growth and innovation for consumer financial services to underserved markets.

With this sale, Global Payments delivers on its commitment to divest itself from Netspend's consumer business, allowing the company to focus on its core B2B operations and growth opportunities with Rêv as a partner.

Since the Sosas founded Netspend in 1999, the company's consumer business has developed into a clear industry leader in the prepaid and debit card space serving millions of customers nationwide, processing hundreds of billions of dollars of cardholder purchases, and established the largest retail partner network with over 130,000 locations nationwide where consumers can load their prepaid and debit card products.

Netspend's consumer products are also available online via direct-to-consumer mobile and web channels.

The transaction is expected to close in 1Q23 subject to relevant regulatory approvals, and customary closing conditions.

Jefferies LLC is serving as lead financial advisor, and Nomura Securities International, Inc. is serving as financial advisor to Rêv. Paul, Weiss, Rifkind, Wharton and Garrison LLP is representing Searchlight...

To continue reading

Request your trial
COPYRIGHT Normans Media Ltd.

VLEX uses login cookies to provide you with a better browsing experience. If you click on 'Accept' or continue browsing this site we consider that you accept our cookie policy. ACCEPT