M&A Update: Blackhawk, Green Dot Complete Respective Acquisitions (Oct. 27, 2014)
Blackhawk Network and Green Dot Corp. recently have completed their acquisitions of Parago Inc. and Santa Barbara Tax Products Group (TPG), respectively. Blackhawk announced its $290 million all-cash deal last month, which further advances the prepaid and payments network’s reach into new markets within the corporate and consumer incentive space. Parago will operate as a subsidiary of Blackhawk Network and will remain headquartered in Dallas. Parago’s Juli Spottiswood will lead Blackhawk’s incentive business and report to Blackhawk President Talbott Roche.
Green Dot’s $320 million acquisition of TPG, the largest consumer tax refund processor in the U.S., strengthens Green Dot’s ability to serve low- and moderate-income households by adding tax refund processing to Green Dot’s line of financial products, including prepaid cards, Green Dot said when the deal was announced last month. The transaction will provide meaningful earnings diversification and margin expansion, as well as add a new distribution platform for Green Dot’s products and services, Green Dot CEO Steve Streit said last week.
See related stories:
