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M&A activity continues to make traction this week in the merchant acquiring industry as Fiserv seeks to streamline innovative payment solutions to its merchant base with their acquisition of Pineapple Payments. This acquisition will help expand their reach of providing their array of payment offerings, including their CoPilot partner program and Clover, through the existing sales channels of Pineapple Payments. Furthermore, Pineapple Payments has an established payment relationship with Fiserv, as this acquisition falls in line with their existing back-end processing support. Terms of this agreement were not disclosed, and it is expected to close in the second quarter of this year.
In other M&A news, the SPAC Foley Transimene Acquisition Corp. II held a special purpose meeting this week, in which stockholders voted and approved the proposed business combination with Paysafe Group. Following the completion of the business combination, the newly combined entity is expected to start trading on the New York Stock Exchange (NYSE) at the end of March.