Midlands advisers cash in on global ATM deal
ADVISERS from the Midlands professional services community have advised on the sale of ATM operator YourCash to global electronic payments provider Euronet for an undisclosed but significant sum.
The corporate finance team of Deloitte, together with the Midlands office of law firm DLA – led by Charles Cook – both worked on the deal.
Darren Boocock, corporate finance advisory partner for Deloitte in the Midlands, said: “We have worked closely with YourCash for the last four years, supporting the business through an exciting period of growth and expansion.
“Under the leadership of the principal shareholder Jenny Campbell, the business has enjoyed remarkable success. The acquisition by Euronet represents a great deal all round – it will significantly increase Euronet’s presence in the UK ATM market and will enable YourCash to benefit from Euronet’s reach and attractive market offerings.”
The deal is one of a number Deloitte has worked on recently involving US buyers.
Mr Boocock said this underlined the significant interest in UK companies from North American buyers.
“It is pleasing to see that the EU referendum vote has not impacted the desire from overseas companies to invest in the UK and we expect to see more cross-border deals of this nature completing over the coming months,” he said.
Last month the Midlands team at Deloitte advised on the sale of Stoke-based Autonet Insurance Services to an investment vehicle established by US-based HPS Investment Partners.
NASDAQ-listed Euronet Worldwide is a leading global electronic payments provider. Its deal to acquire Milton Keynes-based YourCash includes approximately 5,000 ATMs across the UK, Netherlands, Belgium and Ireland.
With the addition of YourCash, the combined businesses will operate independent ATM networks in 21 European countries.
Nikos Fountas, CEO – EFT Europe, said: “This is a great opportunity to leverage the benefits that each organisation brings to the partnership in order to expand Euronet’s ATM coverage across Europe, create additional value for all of our customers, accelerate revenue growth and achieve market synergies across the businesses.”
Jenny Campbell, CEO and principal shareholder of YourCash, added: “We are excited to join the Euronet family. After years of excellent organic growth and expansion into new markets, we are excited to be able to leverage Euronet’s global scale, value added product portfolio, technology, industry expertise and financial strength to further expand our business.”
YourCash generated revenues of approximately £29m in 2015 and is expected to be accretive to Euronet’s Adjusted Cash Earnings per Share in the first full year of operations.
