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FairFX Group confirms payments services acquisition talks

The brief statement followed a 30% spike in the share price to 75p from 58p over the past six weeks

picture of bank notes
Acquisition will cost £25mln if it goes ahead

Currency-card specialist FairFX Group Plc (LON:FFX) has confirmed it is in advanced talks over the acquisition of a payments services business to be funded by a £25mln placing.

The brief statement followed a 30% spike in the share price to 75p from 58p over the past six weeks.

FairFx added that the placing would still be priced at 58p per share, while the acquisition, if it goes ahead, would cost £15mln, though the deal has not yet been finalised.

The company has a platform that enables payments either direct to bank accounts from countries all over the world through apps and the internet via its currency cards, a physical currency business while its Fairpay and Dealing products support wire transfer arrangements.

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