Vantiv to take over Worldpay

Payment processing firm Worldpay has agreed a preliminary deal to be taken over by payment processing giant Vantiv on Wednesday that values the company at £9.1 billion. JPMorgan, which had also approached Worldpay, says it will not make a formal offer.

Potential Merger

“The boards of directors (the “Boards”) of Worldpay Group plc (“Worldpay”) and Vantiv, Inc. (“Vantiv”) are pleased to announce that they have reached an agreement in principle on the key terms of a potential merger of Worldpay and Vantiv (the “Potential Merger” to form the “Combined Group”),” a statement released to the London Stock Exchange said.

The deal comes less than a day after Worldpay confirmed separate takeover bids from JPMorgan Chase Bank and Vantiv.

Morgan Stanley

Vantiv is being advised by Morgan Stanley on the deal, which will see Worldpay’s shares delisted from the FTSE 100. The company was initially listed two years ago and is a constituent of the FTSE 100 index. It provides payment services for point of sale transactions, and internet and mail order retailers.

Danish card payment services firm Nets A/S also said over the weekend it had been approached by potential buyers.

Article sourced from Business Insider, July 5th 2017

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