Rêv and Searchlight Complete Acquisition of Netspend for $1 Billion
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Monday, May 1, 2023
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International payments company Rêv Worldwide (Rêv), in partnership with funds advised by Searchlight Capital Partners, L.P. (Searchlight), today completed its purchase of the Netspend consumer business from Global Payments (NYSE: GPN) in an all-cash transaction valued at $1 billion.
Key Points:
- International payments company Rêv Worldwide (Rêv), in partnership with funds advised by Searchlight Capital Partners, L.P. (Searchlight), today completed its purchase of the Netspend consumer business from Global Payments (NYSE: GPN) in an all-cash transaction valued at $1 billion.
- Netspend will remain a partner to Global Payments, supporting the company’s retained pay card business.
- “This acquisition represents both a reunion and reimagining of the vision of financial empowerment we pioneered at Netspend more than 20 years ago,” said Roy Sosa, Rêv Chairman and CEO, who assumes the same role with Netspend.
- The combined company can uniquely serve the entire market with its differentiated distribution capabilities, including direct-to-consumer, partner-enabled, and digital partnership models.”