Payment services provider EVO Payments International has agreed to acquire a majority interest in PKO Bank Polski's merchant-acquiring business in Poland.
EVO Payments will pay $113.5 million for a 66% interest in PKO Bank Polski's eService business, according to the companies' press release Thursday. They plan to establish a 20-year alliance in which they will work together to expand eService's business in Europe.
The deal is expected to close by the end of the year and is expected to immediately increase PKO Bank Polski's capital ratios, according to the release.
"This alliance fits perfectly with our strategy of expanding our global reach and strengthening our position in an important European market," EVO Payments Chief Executive James Kelly said in the release. "We intend on making our existing products available to eService, while leveraging the remarkable eService infrastructure."
Earlier this week EVO completed its acquisition of Banco Popular's merchant-acquiring business in Spain.