Mexico becomes the first country where Santander has acquired business to accelerate its strategy
Santander Group announced the acquisition of merchant payment solutions company Elavon México. For now, Elavon operates in México through its strategic partnership with Banco Santander México.
The Group will acquire all of the shares in Elavon México for nearly $86 million. This way, the company will be 49% owned by Santander Mexico and 51% by Santander Merchant Platform Solutions (SMPS), a part of Santander Group.
In April 2019, the Group revealed its plans to accelerate the growth in various global payment initiatives. Besides, it aims to create a global merchant acquiring business, building on the success of its Brazilian subsidiary, Getnet.