Photo:Barry CroninThe final sale price of Irish fintech firm Prepaid Financial Services (PFS) has been slashed by a third by its Australian buyer, citing Covid-19 economic disruption. The revised acquisition agreement between EML Payments and PFS - announced today to the Australian Securities Exchange - could reduce the expected payday for PFS owners Noel and Valerie Moran by more than €90m. However the "improved terms" spelled out by EML still leave the Morans in line for an estimated reward topping €170m. This will be paid in a mix of cash and equity, including two £10m cash payments now deferred until mid-2024 and mid-2025. A further maximum of £55m (€62m) will be paid if PFS meets a range of financial performance targets by mid-2021.

Source: Irish Independent March 31, 2020 19:07 UTC