Blackhawk Network (HAWK: Quote) Monday agreed to acquire InteliSpend Prepaid Solutions, a company engaged in the corporate incentives and consumer promotions marketplace.
The deal is expected to close no later than November 8 and is subject to customary closing conditions.
Blackhawk is acquiring substantially all of the assets of the InteliSpend business for cash and plans to finance the purchase using cash on hand and borrowings from Safeway Inc., Blackhawk's parent company.
The deal is not expected to have a material impact on Blackhawk's fourth quarter 2013 results. For fiscal 2014, it is expected to add about $50 million to $60 million in adjusted operating revenues and be earnings accretive.
by RTT Staff Writer
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