A Game Changer, page-20

While the absolute size of the acquisition is larger, EML has in fact made proportionally larger acquisitions in the past.

For example, they acquired Store Financial USA for $47m when they had a market cap of just $70m (67% of market cap). Where the PFS acquisition is roughly $423m/$1b (42%). Store Financial UK would have been an even bigger bite at the time.

Again in these instances, the situation was similar with founders cashing out their majority stake and keeping some script.

Investors could well be nervous, but this is far from unprecedented. With management's unblemished track record, you'd have to back them in.