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February 11, 2019

Ebix wraps up controlling stake acquisition in Weizmann Forex

EbixCash World Money, the Indian arm of on-demand software and e-commerce services provider Ebix, has concluded the purchase of a 74.84% controlling stake in India’s Weizmann Forex.

The acquisition was announced last month. Ebix financed the deal through its cash reserves.

As per the agreed terms of the transaction, EbixCash made a public offer to buy the remaining Weizmann Forex shares for INR528 ($7.54) per share.

“The purchase valued 100% of Weizmann Forex at $65.94 million, net of $17.51 million of cash remaining in the business,” Ebix said in a statement.

Weizmann will now be merged into the EbixCash Financial Exchange in India and abroad.

According to Ebix, the deal will contribute at least 15 cents a share in additional diluted EPS over a year.

Ebix also anticipates Weizmann to record annual growth of 15% or more following complete integration.

“The acquisition of Weizmann further establishes the fast growing EbixCash network aggregation of services as India’s Largest End-to-end Financial Exchange, positioning it as the Airport for Financial, insurance and travel transactions,” Ebix noted.

Other recent acquisitions by Ebix:

The latest acquisition continues the recent buying spree of Ebix.

In April 2018, Ebix announced the acquisition of Indian foreign exchange and outward remittance provider CentrumDirect. The deal was completed last June.

Earlier last year, Ebix snapped up the inward international remittance business of India-based Transcorp International.

 

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