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Wednesday 16 May 2018

Worldline scores SIX to build lead in European payments

logosixIn another deal in the rapidly consolidating payments space, Worldline is acquiring SIX Payment Services from the SIX Group for US$2.75bn(€2.3bn), reinforcing Worldline’s position as the largest payments business in Europe. Management estimate that the combined entity will have 10% of the European Merchant Acquiring business and 20% share in supporting payments for Financial Services companies.

SIX, who last year announced its desire for a scale partner in payments, will receive a 27% stake in Worldline (receiving new shares, with Atos retaining a majority 51% stake) and €283m cash. The deal will close in Q4 2018.

SIX Payment Services enjoyed a 17% increase of merchant acquiring turnover in 2017 to over €75bn, with net revenue of €844m. In net revenue terms, the business is just over half the size of Worldline, which delivered €1.6bn of net revenue in 2017. The SIX Group will now be more focused on the operation of the Swiss Financial Markets.

The deal should accelerate net revenue growth across Worldline, with operating margins likely to be boosted over the next three years as Worldline management drive for synergies to the tune of €110m at the ODMA (Operating Margin before Depreciation and Amortisation) level. Management say that the deal will be earnings enhancing in 2019, with a “double digit” earnings boosted anticipated in 2021.

Alongside the broad portfolio of payments services (terminals, card acceptance, ATMs, payments processing) within SIX Payment Services, Worldline will own 20% of TWINT, the Swiss next-generation bank-owned mobile and P2P payment scheme. The deal provides more scale as well as leadership positions in Switzerland, Austria and Luxembourg and opens up more opportunities for Worldline to deploy its platform-based services and benefit from the trends towards Open Banking and innovative payment systems.

Posted by Peter Roe at '09:12' - Tagged: acquisition   payments   M&A  

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