UK payments firm Worldpay merges with US rival Vantiv in £8bn deal

Worldpay's chairman Sir Michael Rake and Vantiv's chairman Jeffrey Stiefler will remain on the board as non-executive directors

Worldpay, the UK payments processing company, has today officially merged with US credit card firm Vantiv in a deal estimated to value the UK company at £8bn including debt.

Vantiv shareholders will own a majority 57% of the new joint business, while Worldpay investors hold the other 43%.

Founded as Streamline in 1989, Worldpay specialises in payment processing for companies of all sizes around the globe and has offices in the UK, Europe, the US and Asia. Its platform supports 400,000 merchants in 126 currencies and 146 countries.

The company claims to process more than 31 million mobile, online and in-store transactions in a typical day – including 40% of all card payments in the UK – with clients including hairdressers, pubs and e-commerce businesses.

While US business Vantiv is largely focused on its own domestic market, helping merchants and banks accept card payments.

The company’s global and corporate headquarters will now be in Cincinnati, Ohio, while London will be its “international headquarters” – with Charles Drucker now appointed executive chairman and joint chief executive.

Philip Jansen has been named as co-chief executive, with Stephanie Ferris taking the role of  chief finance officer.

Worldpay’s chairman Sir Michael Rake and Vantiv’s chairman Jeffrey Stiefler will remain on the board as non-executive directors – which is set to consist of four Worldpay directors and seven from Vantiv.

The UK firm listed on the London Stock Exchange through an initial public offering back in 2015 (at a value of £4.8bn) in what was thought to be the largest float of that year.

Philip Jansen, Worldpay chief executive, said:

“I am pleased to announce our recommended merger with Vantiv.

“The combination of scale and presence that the merger will bring is an exciting step in the creation of a truly global leader in payment.”

In an article for Startups.co.uk earlier this year, Worldpay’s chief marketing and commercial officer James Frost explained how UK companies could take advantage of the thriving alternative finance market to fuel growth.

Comments

(will not be published)