ACQUISITIONS |
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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| ACQUISITIONS | (3) ACQUISITIONS
Acquisitions 2026
No material acquisitions
Acquisitions 2025
Kyodai (Japan)
On May 31, 2025, Euronet completed the acquisition of a 60% equity stake in UNIDOS CO. LTD from multiple shareholders for a consideration of $20.0 million, including a probable earn-out of $1.6 million. The effective date of control is June 1, 2025. The Company allocated $9.9 million of the enterprise value to customer relationships, $7.9 million to acquired net assets, $3.5 million to deferred tax liability, $12.0 million to non-controlling interest and the remaining $17.7 million to goodwill. The purchase price was allocated to the assets acquired and liabilities assumed, including identifiable intangible assets, based on their estimated fair values as of the acquisition date. The acquisition was accounted for as a business combination in accordance with U.S. GAAP, and the results of operations have been included in the Cross-Border Payments segment since the acquisition date.
CoreCard (USA)
On October 30, 2025, the Company completed the acquisition of 100% of the outstanding equity of CoreCard Corporation pursuant to the Agreement and Plan of Merger dated July 30, 2025. Under the terms of the agreement, each CoreCard common share converted into 0.3142 shares of Euronet common stock, with fractional shares settled in cash at the closing price of Euronet stock on the trading day immediately preceding the acquisition date. In addition, unvested CoreCard Restricted Stock Units (“RSUs”) vested at closing and were settled in Euronet shares, and outstanding stock options were cash‑settled at intrinsic value. The total purchase consideration was $192.7 million and consisted of the fair value of Euronet shares issued, cash in lieu of fractional shares, and cash to settle options and RSU‑related withholding obligations. The transaction has been accounted for as a business combination under ASC 805, and CoreCard’s results are included in the Payments Infrastructure Segment beginning on the acquisition date.
No contingent consideration, escrow, or holdback was recognized. The Company acquired 100% of CoreCard; no noncontrolling interest was recognized.
Purchase price allocation
Preliminary CoreCard purchase price accounting at October 30, 2025 (in millions)
Goodwill Preliminary goodwill of $88.4 million reflects anticipated synergies, assembled workforce, and the strategic benefit of integrating CoreCard’s issuing technology into the Company’s platform. Goodwill primarily represents anticipated synergies, the value of the assembled workforce and the strategic benefits expected from integrating CoreCard’s issuing and processing technology with the Company’s payment platforms. The merger was intended to qualify as a tax-free reorganization under applicable provisions of the Internal Revenue Code. Accordingly, the goodwill recognized in the acquisition is not expected to be deductible for income tax purposes. Measurement‑period status The purchase price allocation remains preliminary as the Company continues to evaluate certain identifiable intangible assets, working capital accounts, and related deferred taxes within the ASC 805 measurement period. During the measurement period, the Company recorded an immaterial adjustment to goodwill. Additional adjustments identified during the remainder of the measurement period may be recorded retrospectively to the acquisition date, with corresponding adjustments to goodwill.
Identifiable Intangible Assets and Estimated Useful Lives
The Company noted that the identifiable intangible assets of CoreCard acquired include developed technology, customer relationships, and trade name. Fair values and useful lives are being finalized; until completion, the following table presents the aggregate amount and expected categories with preliminary useful‑life ranges.
Intangibles subject to amortization (preliminary, in millions):
(Preliminary — in millions)
Final category splits and useful lives will be determined based on market‑participant assumptions, technology life cycles, and customer attrition analyses. Updates will be reflected as measurement‑period adjustments under ASC 805.
Post-acquisition Results
From October 31, 2025 to December 31, 2025, CoreCard contributed revenue of $12.7 million, gross margin of $8.0 million and operating income of $1.9 million to consolidated results (excludes purchase accounting amortization).
From January 1, 2026 to June 30, 2026, CoreCard contributed revenue of $52.0 million, gross margin of $29.5 million and operating income of $12.0 million to consolidated results (excludes purchase accounting amortization). |
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