Visa’s subsidiary Bidco has agreed on an all-cash acquisition of UK fintech Earthport for £198 million ($251.9mn). Earthport’s cross-border payment partners include Bank of America Merrill, Ripple and TransferWise, among other payment fintechs and banks. In late 2018, the payments firm was appointed by BNP Paribas to provide Automated Clearing House (ACH) cross-border payment services.
Commenting on the offer, Sunil Sabharwal, chairman of Earthport, said: “The Earthport Board believes the offer by Bidco represents an opportunity for shareholders to realise an immediate and attractive cash value in Earthport today. Visa shares our vision of growth and expansion for Earthport and, as such, we believe it is a suitable and appropriate partner for our employees, partners, customers and other stakeholders.”