Advent sells DolEx for $200M

August 13, 2003
The Deal, August 13, 2003, by Kelly Holman
Seeking to expand its money transfer business into the lucrative Latin American market, electronic payments processor Global Payments Inc. said Tuesday, Aug. 12, that it has agreed to buy the foreign money transfer service DolEx Dollar Express Inc. from Advent International Corp. for $200 million.
Under the terms, Atlanta-based Global Payments would pay $190 million plus an earnout payment of $10 million for a 100 stake in Latin American Money Services LLC, the holding company for Arlington, Texas-based DolEx. The earnout hinges on DolEx's 2003 results.