Thursday, March 28, 2024
Hometech transformersVantiv seals $10.4 billion merger with Worldpay

Vantiv seals $10.4 billion merger with Worldpay

  • Vantiv has agreed to acquire Worldpay for £8 billion ($10.4 billion).
  • Vantiv will offer cash and stock for Worldpay shares.
  • The combined company will be valued at £22.2 billion or $28.8 billion.

A Worldpay Group Plc card payment machine prints a receipt in a retail outlet.Chris Ratcliffe | Bloomberg | Getty Images

U.S. credit card processing company Vantiv agreed on Wednesday to buy Worldpay, the U.K.'s largest payment processing company, for £8 billion ($10.4 billion).

Worldpay said that for each of its shares, Vantiv offered 55 pence in cash, 0.0672 of a new Vantiv share, an interim dividend of 0.8 pence per Worldpay share, and a special dividend of 4.2 pence per Worldpay share.

The combined company will be valued at £22.2 billion or $28.8 billion.

Worldpay shareholders will own approximately 43 percent and Vantiv shareholders will own approximately 57 percent of the combined company.

The combined group will be led by Vantiv Chief Executive Charles Drucker as executive chairman and co-CEO. Current Worldpay CEO Philip Jansen will be co-CEO of the joint group. Vantiv Chief Financial Officer Stephanie Ferris, will remain CFO of the combined group. The board will consist of five Worldpay and eight Vantiv directors.

Cincinnati, Ohio will become the company's global and corporate headquarters and London, U.K. will become its international headquarters.

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