Payments subsidiary of US Bancorp Elavon has announced that it will be acquiring Sage Pay, one of the UK’s biggest payment processors for small and medium businesses across the UK and Ireland. Elavon is the fourth-largest merchant acquirer in Europe and is currently active in 10 countries, meaning that Sage Pay will be extending its reach across Europe and Elavon will have a larger market share in the UK. Elavon will pay $300 million (£232 million) to acquire Sage Pay, and the deal is expected to close in the second quarter of 2020.
J&P Comments
As Elavon’s primary objective is to grow and increase its presence in the European E-commerce market, its acquisition of Sage Pay will help to push the business forward in achieving this objective, and help them to expand across the UK and Ireland.
