Equals Group, an e-banking and international payments group, has announced that its subsidiary, FairFX, has acquired the international payments business of Hermex International (HermexFX), part of the FXPro Group, for a total consideration of £2m, payable in cash on completion (the acquisition).
HermexFX offers international payment services to a predominantly corporate client base through a personalised service offering. The acquisition will complement the group’s strategy to develop its corporate segment, providing additional corporate clients and cross-selling opportunities for the expanding range of products through their existing sales channels.
The group says that its technology, combined with its expertise in compliance, operations and settlements, means the integration of the HermexFX business into the group can be achieved efficiently.
The acquisition is made in accordance with the group’s strategy to consolidate smaller, attractive market participants. It is expected to be immediately earnings enhancing. In addition, the acquisition fits with one of Equals’ stated core strategies of extracting value from increasing economies of scale.
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