Ria Money Transfer, a money transfer company and a subsidiary of Euronet Worldwide, has purchased IME (M), a money transfer company in Malaysia, and some affiliated companies.
The acquisition will be funded primarily by cash, with a small amount of Euronet stock. The deal is expected to add 71 stores and 17,000 locations to Ria’s global network.
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The purchase will enable Ria to foray into Asian and Middle East send markets as well as brings more money transfer capabilities and distribution to IME.
Commenting on the deal, Euronet chairman and CEO Michael Brown said: "IME provides an optimal geographical footprint for Ria to leverage its money transfer network, volumes and management team in order to achieve efficiencies and eliminate the learning curve when entering new markets."
IME Malaysia managing director Hem Raj Dhakal said: "Our customers will benefit from Ria’s extensive global network of 246,000 locations. Euronet’s strong balance sheet and the combined team will help accelerate IME’s growth trajectory in the region."
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