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Slideshow Mergers & Acquisitions

By The Online Investor Staff, updated Tue., Jul. 28, 6:20 AM

Slide #3. Newtek Business Services Corp Premier Payments LLC

Acquirer: Newtek Business Services Corp (NASDAQ:NEWT)
Acquiree: Premier Payments LLC
Details: Newtek Business Services Corp. ("The Company"), (NASDAQ: NEWT), an internally managed business development company ("BDC"), today announced that it has acquired Premier Payments LLC, as a new wholly owned portfolio company. The total purchase price was approximately $16.5 million, of which $14.0 million was paid in cash and the remainder was paid in newly issued restricted shares of Newtek common stock. Premier Payments LLC is one of the Country's leading electronic payment processors, which powers billions of dollars of credit card and debit card transactions on an annual basis. It is anticipated that this acquisition will expand The Company's presence in the merchant processing space, and is expected to be accretive to earnings beginning in the third quarter of 2015.

Newtek Business Services is a holding company. Through its subsidiaries, Co. provides financial and business services to the small- and medium-sized business market. Co.'s business segments are: Small Business Finance, which originates, sells and services loans to small businesses, and provides receivable financing and management services; Electronic Payment Processing, which markets third party credit card processing and check approval services under the name of Newtek Merchant Solutions; and Managed Technology Solutions, which provides shared web hosting, data storage, backup services, cloud computing plan and related services. Co. also provides insurance and payroll processing services.

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Company Name:  Newtek Business Services Corp
Website:  www.newtekbusinessservices.com
Sector:  Business Services & Equipment
Number of ETFs Holding NEWT:  1
Total Market Value Held by ETFs:  $80536
Total Market Capitalization:  $195.00M
% of Market Cap. Held by ETFs:  0.04%
 

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July 28, 2015    6:20 AM Eastern
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Hold (2.00 out of 4)
2nd percentile
(ranked lower than approx. 98% of all stocks covered)
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