Searchlight Capital and Rev Worldwide completed the acquisition of the Netspend’s consumer business of Global Payments for $1bn.

Searchlight Capital, a private equity firm, and Rev Worldwide, a fintech company, completed the acquisition of the Netspend’s consumer business of Global Payments, an American multinational financial technology company, for $1bn. “Third, we made significant progress in refining our portfolio to focus on our core corporate clients this quarter by entering into a definitive agreement to sell Netspend’s consumer assets to Searchlight Capital and Rev Worldwide for $1bn. Consistent with our strategy, we will retain Netspend’s B2B assets, which will be included in our Issuer Solutions business beginning with the third quarter of 2022," Jeff Sloan, Global Payments CEO.