Euronet Worldwide, Inc. (NasdaqGS:EEFT) agreed to acquire Piraeus Bank Merchant Acquiring (PBMA) Business of Piraeus Bank for €300 million on March 16, 2021. Included within this transaction is a separately negotiated commercial agreement for a long-term strategic partnership with Piraeus Bank for collaborative product distribution, processing and customer referrals. Post completion of the transaction, Euronet will act as Piraeus Bank's exclusive long-term partner for the provision of merchant acquiring services to Piraeus Bank customers.

As part of the deal, Euronet will work collaboratively with Piraeus Bank to make available to its customers a wide range of advanced technologically enabled products and services, while Piraeus Bank will continue to promote and distribute the acquiring products through its extended sales channels, which include its customer service centers, marketing campaigns and approximately 500 branches throughout Greece. As part of the transaction, Piraeus Bank will also receive rebates on future net fee income generated by the merchant acquiring business. Euronet expects the acquisition, which is subject to customary regulatory approvals and closing conditions, including the consent of the Hellenic Financial Stability Fund to close in H2, 2021.

The consideration corresponds to circa 15x the business EBITDA while the satisfactory level. As of April 29, 2021, the transaction is expected to close late 2021. UBS AG, London Branch acted as sole financial advisor to Piraeus Bank on the transaction.

Gavin Weir, Davina Garrod, Scott Pettifor and Rob Whittle of Akin Gump Strauss Hauer & Feld LLP and Lambadarios Law Firm acted as legal counsels to Piraeus Bank. Nomura provided fairness opinion to Hellenic Financial Stability Fund in the transaction.