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Australia's Peppermint to acquire international remittance business

Australian fintech company Peppermint Innovation Ltd. inked a deal to fully acquire AusRemit Pty Ltd., an Australia-based international remittance business trading as RemitWisely.

The eventual purchase price will be based on 3x AusRemit's EBITDA, or for a minimum agreed price of A$560,000, whichever is higher. Peppermint Innovation will pay for the acquisition 50% in cash and 50% in its own shares.

Peppermint's managing director and CEO Chris Kain expects the acquisition to serve as a launching pad for the company's entry into the international remittance business.

The target date for the acquisition is May 1, subject to the acquirer being satisfied with due diligence inquiries.