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UK online payment firm FairFX in advanced talks to acquire payment services biz

U.K.-based online payment services provider FairFX Group Plc said it is in advanced talks to acquire a payment services business.

The acquisition, should it proceed, would be financed via an equity placing and open offer with existing shareholders to raise about £25 million through the issue of new ordinary shares in FairFX at a price of approximately 58 pence per share. The company expects the consideration payable for the acquisition to reach £15 million, with the majority expected to be paid in cash.

FairFX noted that it is not certain the deal will proceed.