International Money Express, Inc. (NASDAQ: IMXI) found its shares jump Tuesday, as the leading omnichannel money remittance services company, has completed its acquisition of Envios de Valores La Nacional Corp (“La Nacional”).
The acquisition of La Nacional strengthens the Company’s presence in the Dominican Republic and further establishes Intermex as a market-leading remittance provider with a greater than 20% share in seven key markets to Latin America.
These markets include Mexico, Guatemala, Honduras, El Salvador, Dominican Republic, Nicaragua and Ecuador, and comprise 87% of all US remittances to Latin America.
“Acquiring La Nacional represents a significant step forward in our expansion plans,” said CEO Bob Lisy. “This transaction leverages our current strengths and positions our company with market leading share to the Dominican Republic. Intermex is a stronger company today as a result of this acquisition.”
Intermex paid cash of $42.3 million on closing, subject to customary purchase price adjustments, for La Nacional and anticipates up to another possible $2.4 million in contingent consideration to be paid in 2023 if La Nacional achieves certain financial and operational targets.
In addition, Intermex expects to close on the previously announced acquisition of LAN Holdings Corp., which controls operations primarily based in Europe, late in the fourth quarter of 2022, or early in 2023. The Company used cash on hand to fund the La Nacional transaction.
IMXI shares galloped 51 cents, or 1.9%, to $27.54.
Related Stories
