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Blackhawk borrows from revolver to help fund acquisition of CashStar
By Sarah Lizee
Olympia, Wash., Aug. 30 – Blackhawk Network Holdings, Inc. used borrowings under its revolving credit facility to help fund its acquisition of CashStar, Inc., according to a press release.
Blackhawk acquired CashStar for about $175 million in cash.
In addition to revolver borrowings, the company also used cash on hand to finance the transaction.
Blackhawk is a Pleasanton, Calif., prepaid and payments network supporting the distribution of gift cards, prepaid telecom products and financial service products. Portland, Maine-based CashStar is a provider of digital gift card programs.
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