EML Payments (ASX:EML) share price jumps to record high on acquisition news

The EML Payments Ltd (ASX: EML) share price is charging higher on Wednesday following the announcement of a major acquisition.

In morning trade, the payments company’s shares are up 12% to a record high of $5.75.

What did EML Payments announce?

EML Payments has entered into a binding share purchase agreement to acquire 100% of Sentenial Limited and its wholly owned subsidiaries. This includes its open banking product, Nuapay.

According to the release, the two parties have agreed an upfront enterprise value of 70 million euros (A$108.6 million), plus an earn-out component of up to 40 million euros (A$62.1 million). This will be funded by a combination of 38.9 million euros in cash and 31.1 million in EML Payments shares.

What is…

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