ING grabs a majority stake in Payvision in a €360m deal, moving into payment processing

 
Lucy White
A picture taken on October 20, 2008 in B
The deal follows a flurry of payment processing activity (Source: Getty)

Dutch bank ING has taken a step into the increasingly popular world of payment processing, scooping up a majority stake in Payvision in a deal valuing the company at €360m (£317m).

Payvision is selling a 75 per cent stake to ING, while its founding management team will hold on to the remainder and continue to lead the company.

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The partnership will allow ING's business clients to accept payments through "any channel", including online stores and retail terminals, and Payvision's technology supports more than 150 currencies across the US, Europe, Asia and the Pacific.

“The payments sector is one of the most dynamic areas of the financial services industry. In order to stay a step ahead, ING has to constantly innovate," said the lender's chief executive Ralph Hamers.

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"Payvision’s founding team has developed a great business with a proven technology in an area where ING wants to grow. We are confident our customers will strongly benefit from this investment.”

Payment processing, despite its seemingly dull nature, has produced some of the most notable deals of the past few years. Worldpay made headlines last year as it confirmed an £8bn merger with Vantiv, while Paysafe cashed in after a £2.96bn offer from private equity houses Blackstone and CVC.

Read more: Private equity still forking out for payments businesses as Inflexion investment values Radius at £800m

Behind the deal

Dominic Lester, Jefferies

  • Managing director of Jefferies is just one of Lester’s titles – he is also European joint head of investment banking, European head of technology, media and telecommunications, and joint global head of technology.
  • Jefferies cultivated its relationship with Payvision for three years, meeting with founder Rudolf Booker and his partners to convince him that they were the right people to advise on the deal.
  • The investment bank has been carving out a niche for itself in the technology sector, advising CVC and Blackstone on the acquisition and financing of Paysafe, Leonard Green on its purchase of CPA Global and Eurazeo on its acquisition of Fintrax.

Also advising...

  • John Park and Vagelis Kollintzas, from the mergers and acquisitions branch and technology investment branch respectively, assisted on the deal.

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