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Worldline and Ingenico announce business combination agreement

Gilles Grapinet, Worldline’s Chairman and CEO

Worldline and Ingenico Group have announced today that their Boards of Directors, with support from the SIX Group, Atos and Bpifrance, have unanimously approved a business combination agreement. The agreement will see Worldline launch a tender offer comprising 81% share and 29% cash transaction for all the Group’s shares. The companies expect the business combination to create an enhanced payment services player and cater to around 1 million merchants and 1200 financial institutions.

According to the companies, the transaction will offer Ingenico shareholders with 11 Worldline shares and €160.5 in cash for 7 Ingenico shares through a mix and match mechanism. It also includes a secondary exchange offer of 56 Worldline shares in exchange for 29 Ingenico shares for an offer price of €123.10.

Gilles Grapinet, Worldline’s Chairman and CEO, said, “We have been impressed by the strong improvement in performance realised over the last 18 months under the leadership of Nicolas Huss, as well as by the in-depth transformation initiated at the same time of their global leading payment terminal business, resulting in increased efficiency, more autonomy and a new strategic roadmap. I am convinced that the combination of our respective remarkable talents pools, joint capabilities and state-of-the-art offers will procure our combined Company an outstanding value proposition to pursue an exceptional growth benefitting to all our clients, banks and merchants alike and to all our business partners.”

The business combination is expected to culminate into a combined revenue of approximately €2.5 billion in Merchant Services and expand coverage from payment value chain from issuing to merchant acquiring. The transaction will also see Gilles Grapinet become the CEO of the combined company and Ingenico Chairman Bernard Bourigeaud take up the position of non-executive Chairman of the Board of Directors.

Bernard Bourigeaud, Ingenico’s Chairman of the Board of Directors said, “The combination of Worldline and Ingenico offers a unique opportunity to create the undisputed European champion in payments on par with the largest international players. This transaction is unanimously supported by Worldline and Ingenico’s Board of Directors and I would be very proud to become the non-executive Chairman of the Board of Directors at closing to pursue this exceptional success story.”

Nicolas Huss, Ingenico’s Chief Executive Officer, said, “In a fast-moving global payment market in which scale matters, the combination of Ingenico with Worldline is completely aligned with our strategic vision. Our companies’ complementarities will allow us to build a unique European leader with a worldwide reach, providing high value-added offerings to our customers and partners. The combined entity will benefit from increased access to new strategic opportunities, markets, expertise and solutions in an industry that is consolidating rapidly.”

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