Newtek Buys Premier Payments

(RTTNews) - Business development company Newtek Business Services Corp (NEWT) on Monday said it has acquired Premier Payments LLC for about $16.5 million, of which $14 million was paid in cash and the remainder was paid in newly issued restricted shares of Newtek common stock.

Premier Payments LLC is an electronic payment processors, enabling credit card and debit card transactions on an annual basis.

It is anticipated that the deal will expand its presence in the merchant processing space, and is expected to be accretive to earnings beginning in the third quarter of 2015, Newtek said.