EbixCash World Money ltd, the Indian foreign exchange unit of U.S.-based software and e-commerce company Ebix Inc., has agreed to purchase 74.84 percent controlling stake in peer Weizmann Forex Limited.
The deal, which values Weizmann Forex at $65.94 million, will be funded using Ebix’s existing bank line and internal cash reserves.
EbixCash also aims to purchase the other 25.16 percent Weizmann shares for $7.54 per share. The transaction extends EbixCash’s footprint from 25 to 32 international airports in India.
For the year ended March 31, 2018, Weizmann booked $1.1 billion in gross revenues and approximately $23 million of net revenues booked by Ebix.