WORLDPAY ACQUIRED BY VANTIV FOR £8 BILLION
An American company Vantiv, which is a POS solution provider for businesses of all calibers, acquired a British payment processing firm Worldpay (online payment, phone payments and card machines) in an £8 billion deal. The merger brings the two companies together to have truly unmatched capabilities for global commerce and payment processing. The deal is evaluated at 397p per share, with the company’s shareholders receiving 0.0672 of a new share in Vantiv. At the time of the merger being concluded, Worldpay shares closed at 388.5p per share.
The merger business will be operating under the name Worldpay Inc., with Vantiv boss Charles Drucker becoming Co-Chief Executive Officer and Executive Chairman of Worldpay. Drucker joined the company back in 2004 as President, appointed CEO five years later. Philip Jansen with Worldpay will carry on as Co-Chief Executive Officer starting January 2018, while also carrying out the duties of Senior Advisor to Bain Capital. Jansen was CEO of Worldpay Group PLC from April 2013 to this day. In his new capacity he will be reporting directly to Drucker. The main headquarters of the newly formed company will be based in Cincinnati. The company’s stock market listings will appear on both Wall Street’s NASDAQ and the London Stock Exchange.
COMMENTS OF THE COMPANY’S OFFICIALS
Charles Drucker said that the merger of the two companies will become transformative for everyone involved – colleagues as much as customers and the entire worldwide payments industry. He stated that the union would not have been possible without the hard work of the people involved in forging the future of payments. Charles Drucker firmly believes that the combined expertise of the both companies’ teams will allow them to offer even more value to their customers, ensuring prosperity in the ever-changing and complex world of modern days’ digital economy.
Philip Jansen, the new co-Chief Financial Officer remarked that with the new senior team in place, the integration plan for the two businesses is in the process of implementation, capturing most promising revenue opportunities that will be lucrative for their shareholders. He pointed out that the new Worldpay aims to create a new level of customer-centric innovation, taking full advantage of the companies’ infrastructure, analytic capabilities and operations.
With the joined net worth of over $3.2 billion, the new company will be accounting for 40 billion transactions across 146 countries using 300 global payment methods in 126 currencies. The transatlantic payments business formed as a result of the merger is estimated at $31 billion with the payment volume of $1 .5 trillion.
The board will comprise five directors serving simultaneously. The board will be led by Mike Rake from Wordplay. Vantiv’s CFO Stephanie Ferris is due to be appointed Worldpay’s new CFO reporting to executive chairman Charles Drucker.