Global Payments, a US-based provider of electronic transaction processing solutions, has completed the divestiture of its DolEx- and Europhil-branded money transfer businesses to an affiliate of Palladium Equity Partners.

Under the terms of the agreement, Global Payments will receive proceeds of $85m.

Paul Garcia, chairman and CEO at Global Payments, said: “This transaction allows us to focus exclusively on our ongoing strategy of expanding our merchant acquiring presence around the world, and as such, we intend to reinvest the sale proceeds in future merchant acquiring growth opportunities.”

David Perez, a managing director of Palladium Equity Partners, said: “We look forward to working with the management team at DolEx/Europhil and to continue to grow and build the company.”

Global Payments offers a line of processing solutions for credit and debit cards, business-to-business purchasing cards, gift cards, electronic check conversion and check guarantee, verification and recovery including electronic check services, as well as terminal management.

Palladium Equity Partners, along with its affiliates targets investments in business services companies as well as in financial services, consumer/retail, food/restaurants, healthcare, manufacturing and media businesses.