Global Payments Inc. has finalized a joint venture to provide payment-processing and merchant-acquiring services for Spain's largest retail bank.
The Atlanta-based electronic payment processor will help Barcelona-based "la Caixa," which has 5,000 branches, more than 10.5 million customers and more than 150,000 merchants using its payment services, accounting for more than one-fifth of the Spanish market.
Using a combination of cash from its Europe operations and debt from a $600 million loan received Dec. 7, Global Payments paid €125 million (about $170.6 million) for a 51 percent stake in the new venture.
"La Caixa" retained a 49 percent stake and transferred its merchant acquiring business to the venture. The two sides also reached a marketing agreement whereby "la Caixa" will refer customers to the venture.
For more information, visit www.globalpaymentsinc.com.
