Australia's EML Payments Ltd. unit EML Payments Europe Ltd. agreed to buy 100% of U.K.-based fintech company Flex-e-Card Ltd. for £21.6 million in cash.

Flex-e-Card provides gift card solutions to the shopping mall sector, with 226 shopping centers under contract in Europe and the United Arab Emirates.

The purchase price is an upfront cash payment of £21.6 million, of which £19.4 million will be paid to the vendors on June 28. The remaining £2.2 million will be held in escrow for 12 months pending any warranty claims, according to a May 20 release.

Subject to the satisfaction or waiver of conditions precedent, the transaction is expected to complete June 28.

EML Payments said Flex-e-Card is expected to generate A$4 million to A$4.1 million of EBTDA in the first year of ownership.