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TransactionWatch – Week of May 10th – May 14th

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Significant movement in the merchant acquiring industry this week as REPAY has announced their definitive agreement to acquire BillingTree for approximately $503 million. REPAY will finance the acquisition using $275 million in cash, and $228 million in newly issued shares of REPAY Class A common stock. Parthenon Capital, who is BillingTree’s majority owner, will now own approximately 10% of REPAY’s outstanding shares following the closing of this transaction, which is expected to be by the end of this quarter. Furthermore, as a result of this deal, REPAY is expecting to realize $5 million in annualized synergies by 2022. With the addition of BillingTree, REPAY’s total payment volume will grow to over $20 billion annually, of which BillingTree is expected to generate $4.4 billion. Lastly, BillingTree’s existing network of integrated software partners will help further expand REPAY’s position in their key market verticals, including healthcare and credit unions.

In other M&A news, MiCamp Solutions has announced their acquisition of American Bank Payments, an ISO based out of Florida, in unison with their joint venture partner Twenty20 Payments. This acquisition will leverage MiCamp’s WAVit payment gateway, which has already been added to several accounts in American Bank Payment’s portfolio.