Euronet Worldwide Takes Over Romanian Smart PayNetwork
US-based Euronet Worldwide announced it has bought Smart PayNetwork (PayNet), a Romanian payment services supplier that processes around 15 million card transactions each year.
PayNet has 44 employees and it operates 720 ATMs, 1,700 POS terminals and it manages some 540,000 cards, Euronet said in a news release. The company is a certified VISA and MasterCard provider.
PayNet posted sales of 11.3 million lei (EUR2.6 million) in 2010, down 6% from RON12.1 million in 2009.
“The PayNet acquisition will generate revenues of approximately $3 million in the initial year of ownership together with accretive cash earnings per share of approximately one cent per share; it should contribute additional earnings in subsequent years because of synergies between the two companies,” Euronet said in a news release.
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