Navan native's card payment business acquired for €327m

Prepaid Financial Services the Navan-based card payment solutions firm is being acquired for up to (AUS) $526 dollars (€327 million) in a deal that will mean a payout of up to €213 million for founder Noel Moran and €53m for wife Valerie Willis.

In an update to the Australian stock exchange, reports the Irish Times, EML Payments said it had entered a binding agreement to acquire PFS for an up-front value of A$423 million – A$77 million of which will be in EML shares with the remainder in cash – plus an earn-out component of up to A$103 million. The earn-out component is contingent on PFS achieving agreed annual earnings targets during the three years after the deal closes.

PFS had been publicising expansion plans as recently as September. The company said at that time it was investing €50 million to create a fintech hub in Trim, Co Meath having failed to secure planning permission for a FinTech hub in Mr Moran's favoured location of the 'Mollies' in Navan on the banks of the River Blackwater.

PFS is one of Ireland’s largest issuers of payment cards, indicated plans to hire additional staff whenit moved its Irish base from Navan to Trim. That followed a hiring spree that took place earlier this year when it filled 50 jobs at it's Navan IDA Business Park offices.

Founded in 2008 by Noel Moran, PFS is one of Europe’s largest issuers of e-money and is now active across 25 countries. Aside from its Irish base, where it employs more than 140 staff, the company has offices in Malta, London and Manchester.

Mr Moran controls 65 per cent of the company, meaning that Monday’s deal could be worth up to €213 million to him. His wife, Valerie Willis, is in line for a €53 million payout given her 16.3 per cent stake in the group.