Santander Group has signed a deal to buy Elavon Mexico, a merchant acquirer, for $86 million from U.S. Bancorp.

Santander said the deal is part of a strategy it announced last year to accelerate growth in global payments, including the creation of a global merchant acquiring business that builds on the success of its Brazilan subsidiary Getnet. 

"The acquisition of Elavon Mexico is an important step in the creation of a global merchant services business, which will provide added value to our customers," Javier San Felix, head of Santander Global Payments Services at Santander Group. "It will also enable us to unlock value in our Getnet merchant acquiring business and gradually extend our strengths to all our markets and customers through a single platform, open to third-party services."

Elavon Mexico operates as part of a strategic partnership with Banco Sandander Mexico. The alliance ranks second in the Mexican merchant services market, with 140,000 active customers and 250,000 card payment terminals. 

"We are always looking at ways to optimize our existing operations to create value and invest for the future," Jamie Walker, CEO of Elavon said in the release. "We have been pleased with the performance of our business in Mexico."

Walker said the agreement would allow Santander to operate the business holistically and allow Elavon to focus investments in higher growth opportunities in the U.S., Canada and Europe. 

The company last year announced the acquisition of Sage Pay in its European market, focused on growth in e-commerce product and distribution. 

Cover image: Santander