Two European payments behemoths — Worldline and Ingenico — are merging in an $8.6 billion deal to create the industry’s fourth-largest company in the space, according to numerous reports on Monday (Feb. 3).
France’s Worldline is purchasing rival Ingenico in a deal encompassing 81 percent stock and 19 percent cash. The transaction gives Ingenico an implied equity value of 7.8 billion euros ($8.6 billion).
In the biggest deal so far in 2020, the combined firm creates the fourth-largest payments firm in the world, with projected 2019 net revenues of €5.3 billion.
Worldline Chief Executive Officer Gilles Grapinet will head the new firm as CEO. Ingenico Chairman Bernard Bourigeaud is anticipated to be named a non-executive chairman.
The deal is anticipated to close in the third quarter of 2020, with Grapinet saying it is a “landmark transaction for the industrial consolidation of European payments.”
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