Brief: EbixCash Acquires Weizmann Forex Limited

Delphi World Money

02/01/2019 13:09

Jan 2 (Reuters) - Ebix Inc  EBIX.O :
    * EBIXCASH ACQUIRES WEIZMANN FOREX LIMITED (BSE:WEIZFOREX)
AND
STRENGTHENS LEADERSHIP POSITION IN INDIA’S FOREIGN EXCHANGE AND
REMITTANCE MARKETS
    * EBIX INC - PURCHASE VALUES 100% OF WEIZMANN FOREX AT
$65.94
MILLION
    * EBIX INC - WILL BE FUNDING ENTIRE TRANSACTION IN CASH,
USING ITS
EXISTING BANK LINE AND INTERNAL CASH RESERVES
    * EBIX INC - EBIX EXPECTS ACQUISITION TO BE IMMEDIATELY
ACCRETIVE
TO ITS EARNINGS
    * EBIX INC - WEIZMANN WILL BE INTEGRATED INTO EBIXCASH
FINANCIAL
EXCHANGE OFFERING IN INDIA AND ABROAD.
    * EBIX INC -  MADE A PUBLIC OFFER TO ACQUIRE REMAINING
25.16%
PUBLICLY-HELD WEIZMANN FOREX SHARES FOR INR 528 ($7.54) PER
SHARE
    * EBIX - EXPECTS WEIZMANN DEAL, ONCE INTEGRATED WITHIN ABOUT
6
MONTHS, TO CONTRIBUTE AT LEAST 15 CENTS/SHARE IN ADDITIONAL EPS
OVER 12-MONTH PERIOD
    * EBIX INC - EBIXCASH WORLD MONEY TO ACQUIRE A 74.84%
CONTROLLING
STAKE IN INDIA BASED WEIZMANN FOREX LIMITED

Source text for Eikon:  ID:nGNX3nvmJz 
Further company coverage:  EBIX.O 

 ((Reuters.Briefs@thomsonreuters.com;))