Payments firm Planet pays €5m for Fexco’s Irish tax-free business

Planet, the Galway-based payments company valued at €1.8 billion two years ago following a buyout, has acquired Fexco’s Irish tax-free business.

Terms of the deal have not been disclosed, but informed sources said Planet paid around €5 million for Horizon Tax-Free Services. The acquisition comes as Planet recently received a €35 million cash injection from its parent as it looks to grow market share further.

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