Santander to acquire Elavon Mexico for $86m.

Santander Group agreed to acquire Elavon Mexico, a merchant payment solutions company, from Elavon, a processor of credit card transactions, for $86m. The company will be 49% owned by Santander Mexico and 51% by Santander Merchant Platform Solutions, which belongs to Santander Group. “We have been pleased with the performance of our business in Mexico. This agreement is a mutually-beneficial opportunity that will allow Santander to operate the business holistically and allow Elavon to focus investments in higher growth opportunities in other markets in the United States, Canada and Europe. Recently, we announced the acquisition of Sage Pay in our European market, focused on growth in eCommerce product and distribution,” Jamie Walker, Elavon CEO.