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BRIEF-Ebix acquires 80 pct stake in ItzCash for $120 million

May 24 Ebix Inc

* Ebix takes leadership position in digital payments market in India via acquisition of 80% stake in fast-growing ItzCash

* Says under terms of agreement, ItzCash was valued at a total enterprise value of about $150 million

* Ebix inc says acquisition is expected to be accretive to ebix earnings within next 6 to 9 months

* Says acquisition is expected to be accretive to Ebix earnings within next 6 to 9 months

* Ebix acquired an 80 percent stake in ItzCash for $120 million including upfront cash of $76 million

* Ebix decided to retain entire management team led by managing director of ItzCash Naveen Surya

* Says co funded transaction using internal cash reserves from its Indian and Singapore subsidiaries

* Ebix Inc - it has entered into a joint venture with India-based Essel Group, while acquiring an 80% stake in ItzCash Source text for Eikon: Further company coverage:

我们的标准: 汤森路透“信任原则

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