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Irish couple to pocket £228m from sale of payments firm Prepaid Financial Payments

Noel Moran

Irish businessman Noel Moran and his wife Valerie Willis are set to make a staggering €266m (£228m) from the sale of his Prepaid Financial Services business to Australia's EML Payments

Mr Moran holds a 65.2% stake in the company, which was sold yesterday to EML Payments for AU$526m (£280m)

His Zimbabwean wife has a 16.3% share in the business.

PFS, which employs more than 100 people in Meath, provides electronic payment products, including e-currencies and virtual and physical prepaid cards in more than two dozen countries.

Its platforms support more than 26 currencies.

PFS customers include financial institutions, small and medium businesses, and financial technology companies.

Mr Moran, who will stay on at PFS for at least 12 months, said he was "excited about the possibilities and opportunities that this [deal] will bring to us over the coming years."

"The EML product suite adds considerably to our existing capabilities and our combined global reach enables the group to service clients worldwide," he said.

He added that the deal would open up new opportunities for PFS staff and that the company is currently recruiting for its Meath operations. In 2018 PFS has a record breaking year with turnover of €72.5m (£62m).

EML managing director and CEO Tom Cregan said PFS "is highly complementary to EML's existing solutions suite and adds digital banking and multi-currency offerings to our existing suite". He added that the deal also expands EML's global footprint.

Headquartered in London, PFS employs 170 people in total. The bulk of its staff are based in Meath, however it also has offices in the UK and Malta.

The Australian-listed EML will fund the acquisition through an AU$183m (£98m) equity raising and other means.

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