Paysafe completes purchase of Merchants’ Choice
Paysafe Group has finalised its previously announced acquisition of Delta Card Services, the holding company for US-based payment processor Merchants' Choice Payment Solutions (MCPS).
In July, Paysafe announced that it had agreed a deal to acquire Delta for $470m (€398.5m).
At the time, Paysafe said the consideration is payable in cash and will be funded by a $380m incremental loan facility.
Todd Linden, chief executive of MCPS, will now join Paysafe as chief executive of payment processing North America.
In addition, Giovanni Diano, who had been serving as chief financial officer at MCPS, will become chief financial officer of payment processing at Paysafe.
For the year ended December 31, 2016, MCPS reported revenue of $446m and earnings before tax of $18.4m.
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