CPI Card Group (PMTS) said Wednesday it has acquired Arroweye Solutions for $45.6 million in an all-cash deal.
The company said it finalized the acquisition on Tuesday, funding it with a mix of cash and borrowings from its $75 million asset-based lending revolver. CPI also said it would not assume any of Arroweye's debt or cash.
Shares of CPI were down more than 12% in recent Wednesday trading.
Price: 22.09, Change: -3.25, Percent Change: -12.83
Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.