FairFX Group, a currency-card specialist, has confirmed that it is in advanced discussions over the acquisition of a payments services business.
Without disclosing the target of acquisition, FairFX Group said: “The Possible Acquisition, should it proceed, would be financed through an equity placing and open offer with existing shareholders to raise approximately £25m through the issue of new ordinary shares in the company at a price of around 58p per share.
“It is expected that the consideration payable for the Possible Acquisition, should it proceed would be approximately £15m, the majority of which is expected to be satisfied in cash.”
FairFx, which was incorporated in the UK in 2005, further said that there is no certainty that the possible acquisition will proceed.
The online international payment services provider manages a platform that supports payments either business customers through four channels which includes Currency Cards, Physical Currency, FairPay and Dealing.
The Currency Cards and Physical Currency offerings facilitate multiple overseas payments at points of sale and direct to bank accounts from countries all over the globe.