Ebix to acquire MTSS business from Transcorp International for $7.4M
Ebix announced that it has entered into an agreement to acquire the Money Transfer Service Scheme Business of Transcorp International for approximately $7.4M, through one of its Indian subsidiaries. Transcorp International Inward Remittance Exchange encompasses 7,500 Distribution Outlets, 40 Branches, processing approximately 1.7M Transactions Per Annum. The agreement while approved by the Transcorp International Board, is subject to its shareholders and other regulatory/commercial approvals. The customary process for such approvals can take a timeline of 45 to 60 days. The acquisition once approved, is expected to be accretive to Ebix earnings immediately. The company funded the transaction using its internal cash reserves. Ebix did not use any investment bankers for the transaction.