OPN’s $375 Million MerchantE Deal Hit With $45 Million Lawsuit

A private equity affiliate of Integrum Holdings LP sued OPN Holdings Co. on Wednesday, saying the Japanese payments company is refusing to hand over $45.3 million tied to the roughly $375 million sale of card processing platform Merchant E-Solutions Inc.

The lawsuit, filed in Delaware, says an OPN subsidiary had no basis for shirking its “unconditional” obligation to make a $50 million payment, less certain expenses, on Nov. 10, the transaction’s one-year anniversary. OPN, the former Synqa Co., allegedly made an initial $325 million payment at the time of the deal for MerchantE, its first major foray into US markets ...