Global payments announced a sell off
Posted by: Curtis Stevens on November 30th, 2009

Global Payments announced last week that it will be selling its money transfer business.  They agreed to sell its DolEx & Europhil branded money transfer business to another entity called Palladium.  Under the agreement, Global will receive around $85 million based on the performance of the business at the time of closing.  The company said this will allow them to put more focus on the merchant acquiring business and reinvest in the sales process of acquiring more merchants. Global is one of the top largest credit card processing platforms and processors in the US. Experts are saying the sell off makes sense as the business had been a drag to margins & growth in past years. Excluding the money portion of the company, Global expects to have revenue of 1.60 billion for 2010.

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