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Ebix to acquire Indian inward remittance provider

EbixCash World Money Ltd., an India-based subsidiary of Ebix Inc., agreed to acquire a 74.84% stake in India-based foreign exchange and outward remittances provider Weizmann Forex Ltd.

The transaction values Weizmann Forex at $65.9 million, net of $17.5 million of cash remaining in the business.

EbixCash World Money will fund the acquisition in cash. It also made a public offer to acquire the remaining 25.16% shares of Weizmann Forex at 528 rupees per share or about $21.1 million to shareholders. Ebix expects the Weizmann acquisition, once fully integrated within approximately six months, will contribute at least 15 cents per share in additional diluted EPS over a 12-month period.

As of Jan. 1, US$1 was equivalent to 69.46 Indian rupees.