Vantiv, the payments processor, is buying Litle & Co., which processes payments for companies that sell to goods and services to consumers via the Internet, for $361 million.
The Cincinnati, Ohio-based Vantiv, whose network backs roughly 12,000 automated teller machines nationwide, said it expects the deal to close later this year.
“eCommerce is one of the fastest growing segments of payments,” Charles Drucker, chief executive of Vantiv, said in a news release. “As our clients continue to expand their online presence to meet consumers’ demands, they rely on us to meet their payments needs through our integrated processing platform.”
“By partnering with Vantiv, we are able to accelerate the development and distribution of the value added services Litle & Co. is known for and drive payments intelligence deeper into the operations of the world’s leading eCommerce and multi-channel merchants,” Tom Litle, chief executive of Litle, added in a news release.
Vantiv, which changed its name last year from Fifth Third Processing, raised $500 million by selling roughly 24.9 million shares of common stock to the public in March.
J.P. Morgan Chase and the law firm of Ulmer & Berne advised Vantiv on the deal. William Blair & Company and the law firm of WilmerHale advised Litle.