EML Payments has completed the acquisition of Prepaid Financial Services (PFS) after securing the regulatory nod in the UK and Ireland.

The deal was announced in November last year for an upfront payment of £226m and an earn-out component of up to £55m.

However, the price of the deal has been renegotiated following the turbulence in the market due to the Covid-19 pandemic.

The two parties agreed to seal the deal at a discount on the original consideration.

Following the renegotiation, PFS has been acquired for £131.5m.

Commenting on the revised price, PFS CEO Noel Moran said: “Our original deal was on track to close, until recent weeks, when COVID-19 started to have an impact on global stock markets. With share prices plummeting around the world, the value of FinTechs was similarly affected.

“Luckily, we had built a solid, profitable business over the past 12 years thanks to the dedication of our entire team. In light of the current worldwide business reality, I believe we have achieved a great result for everyone involved.”

PFS offers e-wallets, prepaid cards, IBAN accounts along with consumer and business current accounts in the UK and Eurozone.

EML offers solutions for payouts, gifts, incentives and rewards as well as supplier payments.