Financial service giant, Visa, is reportedly set to acquire Earthport, a UK-based cross-border payment service specifically for banks and businesses. The company reported through its service, clients are able to manage payments to almost any bank account in the world, as well as reduce cost and complexity, to meet customers’ expectations of price, speed, and transparency.
“Earthport offers clients access to global payment capability in 190+ countries and territories, with local ACH options in 87+ countries and an evolving suite of currencies and settlement options. Earthport continues to invest in the establishment of in-country bank partnerships across the world, bringing together its deep market and regulatory expertise in order to maintain compliant and commercially competitive services.”
While sharing more details about the acquisition, Sunil Sabharwal, Chairman of Earthport, stated:
“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.”
Commenting on the Offer, Amanda Mesler, CEO of Earthport, added:
“Having been appointed as Earthport’s CEO in July my focus, following a full strategic review has been to rapidly implement a transformational growth strategy. Whilst I believe Earthport is well positioned to deliver the potential it has always possessed, the all-cash offer from Visa represents a very attractive and immediate return for our shareholders. On behalf of the entire executive team, I would like to thank all of our employees for their outstanding contribution to making Earthport the unique and valuable company it is today. Visa shares our commitment to operational and technological excellence in cross-border payments, and completion of the transaction would mean that Earthport and its customers will benefit from new opportunities arising from being part of a larger group with a shared vision.”
Earthport currently has regional offices in New York, Dubai, Miami, and Singapore. It is a public company, traded on the London Stock Exchange (AIM: EPO) with an institutional investor base including World Bank IFC, Oppenheimer, Blackrock, Henderson.