In accordance with ASC 805, the Company allocates the purchase price of its acquisitions to the tangible assets, liabilities and intangible assets acquired based on fair values. Any excess purchase price over those fair values is recorded as goodwill. The fair value assigned to intangible assets acquired is supported by valuations using estimates and assumptions provided by management. For certain large acquisitions, management engages an appraiser to assist in the valuation process.

In March 2021, the Company entered into an agreement to purchase the Piraeus Bank Merchant Acquiring business of Piraeus Bank for €300 million, or approximately $360 million. The proposed arrangement will include separate commercial agreements for a long-term strategic partnership with Piraeus Bank for collaborative product distribution, processing and customer referrals. The acquisition will expand the Company’s omnichannel payments strategy and position the Company in Greece’s growing market for merchant acquiring services. The closing is targeted for the first half of 2022 and is subject to regulatory approvals, finalization of the commercial agreements, and customary closing conditions. The Company expects to finance the purchase price using cash on hand.

On November 30, 2019, the Company completed the acquisition of a North American based ATM operator with approximately 1,800 ATMs.

The purchase price was $92.5 million in cash. The purchase price was allocated to the assets acquired and liabilities assumed, including identifiable intangible assets, based on their respective fair values at the date of acquisition. The acquisition has been accounted for as business combinations in accordance with U.S. GAAP and the results of operations have been included from the date of acquisition in the EFT Processing Segment. The historical revenue and earnings were not significant for the purpose of presenting pro forma information for the pre-acquisition periods.

The following table summarizes the fair values of the assets acquired and liabilities assumed as of the acquisition date.

(in thousands)	As of November 30, 2019
Cash and cash equivalents	$	5,325
Trade accounts receivable	2,167
Other current assets	798
Property and equipment	16,542
Intangible assets	39,000
Total assets acquired	$	63,832

Trade accounts payable	$	(6,790	)
Accrued expenses and other current liabilities	(80		)
Total liabilities assumed	$	(6,870	)

Goodwill	35,540

Net assets acquired	$	92,502

The Company acquired customer relationship intangible assets with a fair value of $39.0 million, which are being amortized on a straight-line basis over 20 years.

Goodwill, with a value of $35.5 million, arising from the acquisition was included in the EFT Processing Segment and was attributable to expected growth opportunities in the United States. Goodwill and intangible assets associated with this acquisition are deductible for tax purposes.

Other

The Company completed three additional acquisitions in 2019 for immaterial amounts.