 has secured a £9.3 billion merger with rival US payment processing giant Vantiv (NYSE:VNTV).){kind=link}
Worldpay (LON:WPG) has secured a £9.3 billion merger with rival US payment processing giant Vantiv (NYSE:VNTV).
According to the agreement, Vantiv shareholders will own a majority 57 percent of the merged group, with Worldpay investors holding the remaining 43 percent.
This follows an initial offer agreement that was reached last month, beating other interested party U.S bank JP Morgan.
Specifically, Vantiv will pay 397p per share in Worldpay, or £8 billion, plus an additional £1.3 billion to cover debts.
The deal will see the creation of the world’s biggest payments processor according to the number of transactions handled.
“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 in a statement.
The newly formed company will make Cincinnati, Ohio its headquarters with London set to be its “international headquarters”.
Vantiv will seek a secondary listing on the London stock exchange in order to encourage London-based investors.
Charles Drucker will be named executive chairman and joint chief executive, alongside Philip Jansen as co-chief executive and Stephanie Ferris as chief finance officer.
Charles Drucker, current president and chief executive of US group Vantiv said:
“This is a powerful combination that is strategically compelling for both companies. It joins two highly complementary businesses, and will allow us to achieve even more together than either organisation could accomplish on its own.”
Alongside the merger announcement, Worldpay also reported its half-year results, posting a net profit of £93 million, up 60 per cent from a year previously, with net revenue of £600 million, up by 11 percent.
Worldpay is an online technology platform for retailers and businesses to accept card payments and online transactions from customers, and is the largest in the U.K.
Shares in Worldpay are currently down by 0.18 percent and shares in Vantiv are up by 0.32 percent as of 11.10AM (GMT).