Montreal-based Optimal Group Inc. (formerly Optimal Robotics Corp.) acquired Terra Payments Inc., an international leader in the payment processing industry. The deal closed on April 6, 2004.  The acquisition was made by way of a share exchange, using the procedure of a statutory three-cornered amalgamation, with a value of approximately US$75 million based on the value of Optimal shares on the last day on which Optimal shares traded prior to the public announcement of the transaction. Terra will continue its business under the name Optimal Payments Inc.

Optimal was represented in-house by Leon Garfinkle, senior vice-president, general counsel and secretary; in ... the US by Guy Lander of Davies Ward Phillips & Vineberg LLP.