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News Breaks | | | | July 9, 2012 | | 08:06 EDT |  | UBPS | UBPS to acquire, consolidate three business payment companies
Universal Business Payment Solutions has entered into definitive agreements to acquire three profitable and growing companies to facilitate its strategy of providing end-to-end transaction processing services to small businesses: Electronic Merchant Systems, a major credit and debit card sales organization; Jet Pay LLC, a top-15 U. S. credit and debit card processor according to Nilson; and A D Computer Corporation and Payroll Tax Filing Services, related payroll processing and tax filing companies. UBPS will acquire the three companies in a transaction valued at approximately $179M, of which $104M will be paid in cash, $38M in newly issued UBPS common stock, and the balance as future payments in cash and UBPS stock. The cash portion of the consideration will be funded by a combination of a $60M credit facility and UBPS cash held in trust. | |
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