Payments giant Worldpay agrees to a $10B acquisition offer from Vantiv
Jul 06, 2017, 00:29
Britain's largest payment processing company has agreed to a 7.7 billion pound ($9.9 billion) get taken over by USA rival Vantiv.
Shares in Worldpay dipped after Vantiv beat JP Morgan to the chase in an official takeover bid of £7.7bn for the FTSE 100 payments firm.
Shares in French rival EDF also dropped 4 per cent after HSBC downgraded the stock to "reduce".
The deal, seen by analysts as the start of a trend for consolidation in the payments industry, will see Vantiv give Worldpay shareholders 55 pence in cash per share plus 0.0672 new Vantiv shares plus a cash dividend of 5 pence per Worldpay share.
Payments offers high-octane growth for a company that already has leading shares in mature markets from deposits to institutional trading.
Vantiv will dominate the board with seven members, including Charles Drucker as executive chairman and co-chief executive.
Shares in the British firm slumped over 10 percent after JPMorgansaid it does not intend to make an offer for Worldpay.
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Vantiv has been around since the 1970s (it used to be called Fifth Third Processing Solutions) and is one of the largest merchant acquirers in the United States today.
"There can be no certainty either than an offer will be made nor as to the terms of any offer, if made".
The new entity will operate in "the four core regions of the U.S., Europe, Asia-Pacific and South America".
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Wall Street Wires cited unnamed City sources as suggesting Worldpay had been approached by suitors.
The company is traded on the NYSE, and if the deal goes through Worldpay will be delisted from the London Stock Exchange, Worldpay said in a statement today. Worldpay and Vantiv will proceed with a mutual due diligence process. After a government bailout of its parent, the business was sold to the private equity companies Advent International and Bain Capital, which then listed it in an initial public offering in 2015.
Danish card payment services firm Nets A/S also said over the weekend it had been approached by potential buyers.
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