Through this acquisition, Prosegur Cash continues to deepen its transformation and diversification strategy, both in terms of the type of services offered and its geographical presence.

Prosegur Cash has acquired control of the world's third largest operator in the retail currency exchange sector, ChangeGroupWith this operation, Prosegur Cash continues to advance in the development of its New Products area as a fundamental element of its transformation strategy, which includes the diversification of its service portfolio and its geographical presence.

ChangeGroup is a leading retail currency exchange company with a significant ATM network. Founded in 1991, the company has served over 50 million customers, operates a network of more than 100 retail locations (including airports and prime locations in major cities worldwide), and manages 300 ATMs in 37 cities globally. ChangeGroup has established itself as the leading currency exchange operator in its European markets and also has operations in the United States.

The foreign exchange market is experiencing a strong recovery after the worst years of the pandemic. In this context, Prosegur Cash's financial strength and international experience, combined with ChangeGroup's deep industry knowledge and operational capabilities, represent an opportunity to capture the expected growth in the sector. Prosegur Cash aims to significantly grow ChangeGroup's business in the coming years.

Prosegur Cash and ChangeGroup They will develop an integrated strategy with which they hope to accelerate the growth of their operations and leverage the synergies generated by combining both companies. The goal is to build an operation strongly based on digital experience, both for product development and channels, and thus meet customer needs quickly and efficiently anywhere in the world.

Ignacio Cea, Global Director of New Business at Prosegur CashRegarding the acquisition, he emphasized that "adding ChangeGroup's experience and knowledge is a very significant milestone in the transformation of our operations and the constant diversification of our services. With this operation, we want to contribute our capabilities to a new segment that is recovering very quickly after the pandemic. We are convinced that we are now beginning a new phase of intense development for ChangeGroup in all markets and countries."

For its part, Sacha Zackariya, CEO and co-founder of ChangeGroup He stated that “this agreement is a clear sign of the confidence placed in our teams and the services we provide. From now on, our clients – especially airport operators – have a truly strong and financially stable partner, with the necessary resources to offer first-class services in the long term and on a global scale.”

Finally, it's worth noting that the New Products business unit grew by 39,4% in the first six months of 2022 compared to the same period of the previous year. This figure rose to 56,2% excluding divestments. As a result, New Products generated sales of €206 million and now accounted for 23,4% of total revenue.

Read the press release here.