Home Business NewsBusiness Worldpay agrees £9bn merger with US rival Vantiv

Worldpay agrees £9bn merger with US rival Vantiv

9th Aug 17 3:13 pm

A global giant in payments

UK based payments processing company Worldpay has agreed to merge with US rival Vantiv in a deal worth £9.3bn.

The deal comes after an initial agreement between the firms was announced last month and will see Vantiv pay 397p for each share in world pay, around £8bn, plus £1.3bn to cover debts.

“I am pleased to announce our recommended merger with Vantiv,” said Worldpay chief executive Philip Jansen today

“The combination of scale and presence the merger will bring is an exciting step in the creation of a truly global leader in payments.”

Vantiv shareholders will own 57 per cent of the combined group, while Worldpay investors will hold the other 43 per cent, with a combined value of £22.bn.

The merged company will be named Worldpay, and the global and corporate headquarters will be in Cincinnati, Ohio, and London will become its ‘international headquarters’.

The new payments giant will process over $1.5tn in payments and 40bn transactions in 146 countries across 126 currencies.

Charles Drucker will be executive chairman and co-chief executive with Philip Jansen who will be co- chief executive. Stephanie Ferris to be CFO, both will report to Charles Drucker.

The new company will have a 13 member board, eight to be designated by Vantiv and five to be designated by Worldpay.

Worldpay processes millions of payments worldwide, with strength in the UK and US markets, while Vantiv is largely focused in the US.

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