Saturday 3 December 2016

Fintrax sale: Eurazeo acquisition of Galway-based VAT refunder confirmed

Published 23/11/2015 | 08:02

The sale of the company had been reported over the weekend
The sale of the company had been reported over the weekend

French investment firm Eurazeo said this morning that it plans to pay up to €335m to buy 90pc of Irish group Fintrax, a provider of VAT refunds for tourists.

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Eurazeo will pay €300m at closing, based on an enterprise value of €550m, with a further €35m payable based upon 2016 performance, Eurazeo said. Closing is expected to before year-end.

"We are convinced that our experience in the luxury retail, and travel and leisure sectors, as well as our international network, notably in China and Brazil, will be major assets in the acceleration of the development of the company," Eurazeo Managing Director Marc Frappier said.

Fintrax is based in Ballinahown in the Galway Gaeltacht.

Reuters

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