£8bn Worldpay Vantiv merger: It's on, says Philip Jansen

 
Emma Haslett
Follow Emma
220,000 Stores Start Accepting Apple Pay
Worldpay is the UK's largest payment processor (Source: Getty)

A tie-up between two of the world's largest payment processors will definitely go ahead, it was confirmed today.

The board of UK fintech giant Worldpay recommended a fresh offer of 397p per share from US rival Vantiv, valuing it at £8bn.

"I am pleased to announce our recommended merger with Vantiv," said Worldpay chief executive Philip Jansen today.

"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."

News of the deal pushed Worldpay shares up 1.7 per cent to 383.9p in early trading.

Vantiv first approached Worldpay with an offer valuing it at £7.7bn in July, sending shares surging 20 per cent.

Yesterday the pair were given another week to thrash out a final deal. Vantiv had already been granted extra time to finalise an offer under UK takeover rules.

Worldpay revenues rise

The news came as Worldpay unveiled a rise in revenue in the six months to the end of June: revenues rose 18 per cent to £2.5bn, while net revenue rose 11 per cent to £600.5m.

Profit after tax rose 59 per cent to £93.1m, while underlying earnings before interest, taxation, depreciation and amortisation rose 14 per cent to £247.5m.

"We delivered a strong first half performance, further extending our long-term track record of substantial growth," added Jansen.

"This performance has been achieved through our relentless focus on meeting the changing needs of our customers in an increasingly global and dynamic payments market."

Earlier this week Paddy Power Betfair nabbed Peter Jackson, Worldpay's current UK head, as its new chief executive.

Read more: Here's how you could pay in future when you go virtual reality shopping

Related articles