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Payment processor Global Payments Inc. will sell its funds-transfer business, which operates under the DolEx and Europhil brands, to Palladium Equity Partners LLC for as much as $110 million, the Atlanta-based company says. The sale price could be as low as $85 million; the final price will depend on the business' performance at the time of closing, the company says. In Global Payments' first-quarter earnings report (CardLine, 10/2), the processor said its funds-transfer business generated $441.3 million in revenue, an 8.8% increase from $405.8 million during the same period last year. "This transaction will allow us to focus exclusively on our ongoing strategy of expanding our merchant-acquiring presence around the world, and, as such, we intend to reinvest the sale proceeds in future merchant-acquiring growth opportunities," Global Payments Chairman and CEO Paul R. Garcia said in a press release. New York-based Palladium focuses on companies that cater to the U.S. Hispanic market. A Palladium spokesperson could not be reached by CardLine's deadline.
