Santander Buys Mexican Payment-Solutions Company for Close to $85 Million

Date : 02/24/2020 @ 2:44PM
Source : Dow Jones News
Stock : Banco Santander SA (SAN)
Quote : 2.26  0.01 (0.44%) @ 2:41PM

Santander Buys Mexican Payment-Solutions Company for Close to $85 Million

Banco Santander (NYSE:SAN)
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By Cristina Roca

 

Banco Santander SA said Monday that it has agreed to buy payment-solutions company Elavon Mexico for 1.6 billion Mexican pesos ($84.48 million).

The Spanish bank will own 49% of the company through its Santander Mexico subsidiary and the remaining 51% through Santander Merchant Platform Solutions. Elavon Mexico is currently Banco Santander Mexico's strategic partner and operates its merchant acquiring business in the country.

The decision is in line with Santander's plans to speed up its growth in global payment initiatives, the company said.

 

Write to Cristina Roca at cristina.roca@dowjones.com; @_cristinaroca

 

(END) Dow Jones Newswires

February 24, 2020 09:29 ET (14:29 GMT)

Copyright (c) 2020 Dow Jones & Company, Inc.

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