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Shift4 Payments' Finaro acquisition is 'a foothold for international ambitions' - Berenberg
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Published Oct 20, 2023 11:42AM ET
© Reuters. Shift4 Payments' (FOUR) Finaro acquisition is "a foothold for international ambitions" - Berenberg
Shift4 Payments (NYSE:FOUR) has received the final green light to complete its long-pursued $525M acquisition of Finaro, an Israeli-based payment service provider with a strong presence in Europe and China.
Putting an end to a nearly 20-month long effort - the deal was originally announced on March 1st of last year - a regulatory filing made public earlier today disclosed that Shift4 had now "received the final regulatory approval required to proceed." The management expects to close the transaction within the next three business days.
In the disclosure, the company also reiterated its upbeat guidance for the FY23, stating that it sees full-year results "within its previously issued ranges."
Analysts at Berenberg Capital Markets view the news as a positive milestone for the company, and believe it will "provide FOUR with a foothold from which it can pursue its international ambitions."
They highlight that "many of FOUR’s more than 200K customers have a multinational presence," and expect that "the integration of the acquisition could provide it with immediate opportunities."
The analysts maintain a positive tone when commenting on the company's guidance - they note that "some investors had questioned whether FOUR would need to adjust its full-year guidance," and see the current update as removing that overhang.
Berenberg Capital Markets reiterates a Buy rating, and $87 Price Target on the shares, implying over 65% upside from yesterday's closing price of $52.31.
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