RegionsEEAVantiv clinches £9bn deal to merger with Worldpay

Vantiv clinches £9bn deal to merger with Worldpay

The union has been sealed after the two rivals announced an initial agreement last month.

US payment processing specialist Vantiv has finalised a £9.3bn (US$12.1bn, €10.4bn) deal to merge with UK rival Worldpay, following an initial agreement last month to a union between the two. Vantiv shareholders will own a majority 57% of the combined group, with the companying pay 397p for each share in Worldpay, or £8bn, plus £1.3bn to cover debts. Worldpay investors will hold the remaining 43%.

The new group’s global and corporate office will be in Cincinnati, Ohio, while London will become its “international headquarters”. Vantiv’s CEO since 2009, Charles Drucker, will be executive chairman and joint chief executive. Worldpay’s CEO, Philip Jansen, will report to him as co-chief executive and Vantiv’s chief financial officer (CFO) Stephanie Ferris will hold the same role post-merger

“The combination of scale and presence the merger will bring is an exciting step in the creation of a truly global leader in payments,” said Worldpay. Vantiv is targeting cost synergies of US$200m (£153.7m) and Jansen confirmed that the merger would lead to job cuts among the combined workforce of around 8,500. The majority of the losses are likely to come from the US, where the companies have targeted 63% of cost savings.

Related Articles

“Destroy or democratise” – how Open Banking will impact connectivity

Banking “Destroy or democratise” – how Open Banking will impact connectivity

5m Victoria Beckett
Treasury TV: Yeng Butler compares US and European MMF reforms

Compliance Treasury TV: Yeng Butler compares US and European MMF reforms

5m Victoria Beckett
Money market reforms: Navigating LVNAV, CNAV and VNAV

EEA Money market reforms: Navigating LVNAV, CNAV and VNAV

6m Victoria Beckett
The Challenge of Building and Maintaining a Central Treasury Operation in a Decentralized Company

EEA The Challenge of Building and Maintaining a Central Treasury Operation in a Decentralized Company

6m BELLIN
The Treasury Challenge of a Post-Merger Integration

EEA The Treasury Challenge of a Post-Merger Integration

6m BELLIN
The Challenge of Integrating Worldwide Subsidiaries into one TMS

Baltics The Challenge of Integrating Worldwide Subsidiaries into one TMS

6m BELLIN
Q&A with BMG's treasury : BELLIN - We Love Treasury 2

EEA Q&A with BMG's treasury : BELLIN - We Love Treasury 2

6m BELLIN
PSD2: dull name, but seismic effect

Clearing & Settlement PSD2: dull name, but seismic effect

6m Alex Kwiatkowski