NEW YORK (AP) — Payment processor Vantiv says it will spend $1.65 billion to buy Mercury Payment Systems, which helps retailers process credit, debit and check payments.
Cincinnati-based Vantiv says the purchase will expand its online commerce business, and it expects the deal to close during the current quarter. It says the acquisition will add to its adjusted profit in 2014 and will raise its annual revenue growth by 1 to 2 percent per year.
Mercury Payment Systems is owned by the private equity firm Silver Laker Partners and is based in Durango, Colorado. It had $237 million in revenue in 2013 and processed $34 billion in payments. In March, it filed for a $100 million initial public stock offering but it says it now plans to withdraw its IPO filing.