The global payments sector is set to be shaken up, as the UK High Court has allowed New York-listed payment processor Vantiv to combine with FTSE100 payments group Worldpay Plc.
Last August, leading US payment systems provider Vantiv put forward a £9.3 billion offer to merge with Worldpay, seeking to form the outright leader in servicing global payments for in-store and digital transactions.
The merger will see the creation of new Fortune 500 enterprise Worldpay Inc, as analysts place an initial pro-forma corporate value of $31 billion.
In its deal prospectus, Vantiv governance outlines that the combination will form the global leader for retail and digital payments, servicing circa +$1.5 trillion in transaction volume, supporting operations in 146 countries and with the potential to service 126 different currencies.
Moving forward, the leadership of the enlarged Worldpay Inc, will be co-shared by Charles Drucker CEO of Vantiv and Philip Jansen CEO of Worldpay Plc acting as Co-Chief Executives. The merger confirmation sees Drucker further appointed Group Executive Chairman.
“Our combination is transformative for our colleagues, customers and the worldwide payments industry,” said Charles Drucker, executive chairman and co-CEO of Worldpay, Inc.
“We would not be here without the enthusiasm, dedication and hard work of all our people, who will continue to forge the future of payments. By combining the expertise of our teams, we will provide further value to our customers, helping them prosper in the fast-changing and complex digital economy.”
In preparation for the merger announcement, both Vantiv and Worldpay shares have been suspended from trading on the New York and London Stock Exchanges.