- Equals Group said its subsidiary FairFX had acquired the international payments business of Hermex for a total of £2m in cash.

HermexFX offered international payment services to a predominantly corporate client base through a personalised service offering.

The acquisition would complement the group's strategy to 'develop its fast-growing corporate segment, providing additional corporate clients and cross-selling opportunities for the expanding range of products through their existing sales channels,' the company said.

Under the agreement, Kyrillos Kyriacou, the current CEO and founder of HermexFX, joined the Equals Group as an employee and agreed to subscribe £1m for 851,063 shares in the company at an issue price of £ 1.175 per share.

At 8:13am: [LON:EQLS] share price was -1p at 116.5p

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