French investment firm Eurazeo said on Monday that it plans to pay up to 335 million euros ($355.7 million) to buy 90 percent of Irish group Fintrax, a provider of VAT refunds for tourists.
Eurazeo will pay 300 million euros at closing, based on an enterprise value of 550 million, with a further 35 million 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 management will retain the remaining 10 percent of the company, Eurazeo added.