Mergers and Acquistions News
Categories: IT Services & Consulting
September 23rd 2010, 16:29PM
Kansas, US-based Flint Telecom Group has announced it has completed a letter of intent (LOI) to acquire 100 per cent of an unnamed US international prepaid debit card company.
Financial details of the transaction were not disclosed.
The acquisition will offer Americans who have seen their credit standing destroyed the "dignity and convenience" of using a debit card without need for a bank account.
The firm will also expand into offering some marketing opportunities. One way this will work, for example, is for Flint Telecom to give organisations and firms the provision to emboss their company branded logo on debit cards for employee expense accounts.
"This marks another major milestone in our ongoing repositioning to higher profit margin and value added products within our Prepaid Business Segment. Flint will also uniquely incorporate its calling products on the same card at the same great rates. Balances held on the card can be used to make both mobile and international calls while supporting online and in store purchases," said Vincent Browne, chairman and chief executive officer of Flint Telecom.
The transaction, after the necessary due diligence, is expected to close within the next 30 days.
In June this year Flint agreed a $10 million (£6.8 million) reserve equity finance agreement with AGS Capital Group.
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