Optimal Payments announces double US acquisition

ne payments firm Optimal Payments is to acquire two US companies.

Optimal has entered into a definitive agreement to purchase California-based payment processing entity TK Global Partners LP, which does business as Meritus Payment Solutions, for a consideration of $210m, consisting of $150m in cash and $60m of Optimal Payments shares.

Optimal Payments president and CEO Joel Leonoff said: “The US market represents the single greatest expansion opportunity for Optimal Payments.

“After careful evaluation of a number of potential candidates, Meritus stood out as the perfect choice on all fronts.

“The company’s strong stakeholder relationships, multi-channel sales force, established presence with small and medium businesses in the US and entrepreneurial spirit makes them an ideal acquisition for us.”

Optimal has also agreed to acquire US-based online payments firm Global Merchant Advisors for up to $15m in cash, $10m of which is payable on closing with the balance based on future performance of the business.

Both acquisitions are expected to close early in the third quarter of 2014.

In March, Optimal hired Thomas Auriemma as a strategic advisor for the US, with the former director of the New Jersey Division of Gaming Enforcement (DGE) providing strategic and regulatory advice on current and future US state regulation with regard to the online gaming payments industry.

Only New Jersey, Nevada and Delaware currently offer legal US online gaming, although a number of states, including California, are making moves towards regulating forms of internet gambling.