French investment firm Eurazeo said today that it plans to pay up to €335m to buy 90% of Irish group Fintrax, a provider of VAT refunds for tourists.
Eurazeo will pay €300m at the closing of the deal, based on an enterprise value of €550m, with a further €35m payable based upon 2016 performance, Eurazeo said.
The deal is expected to be completed before the end of the year.
"We are convinced that our experience in the luxury retail, and travel and leisure sectors, as well as our international network, notably in China and Brazil, will be major assets in the acceleration of the development of the company," Eurazeo Managing Director Marc Frappier said.
Fintrax management will retain the remaining 10% of the company.
Galway-based Fintrax was founded in 1985 and is the world's second biggest player in processing tourist VAT refunds on behalf of retailers and governments.
It also provides multi-currency payments and processing solutions for banks and retailers.
The company has a workforce of about 400 in 26 countries.
