Payments giant Worldline to buy rival Ingenico in $8.6 billion deal as fintech competition heats up

Two European giants in the payments space are set to combine to create the industry's fourth-largest player.

The combined company would create the fourth biggest payments firm in the world, Worldline said, with projected 2019 net revenues of 5.3 billion euros and operating margins of 1.2 billion euros. Worldline expects the deal to create cost savings of 250 million euros over the next four years.

Under a primary tender offer, Ingenico shareholders are to receive 11 shares of Worldline and 160.5 euros in cash in exchange for seven Ingenico shares. There would also be a secondary offer that gives Ingenico investors 56 Worldline shares for 29 Ingenico shares, translating into an offer price of 123.10 per Ingenico share based on Friday's market close.

Worldline CEO Gilles Grapinet will lead the combined company as CEO while Ingenico Chairman Bernard Bourigeaud is expected to be appointed non-executive chairman. Grapinet said the deal, which is expected to close in the third quarter of 2020, would help create a "world-class leader" in Europe's digital payments sector, calling it a "landmark transaction for the industrial consolidation of European payments."

We have summarized this news so that you can read it quickly. If you are interested in the news, you can read the full text here. Read more:

CNBC /  🏆 12. in US

Canada Latest News, Canada Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

The Masked Singer Eliminates the Robot in Season 3's Post-Super Bowl PremiereThe Fox singing competition kicked off its third season Sunday night after the Super Bowl
Read more »

How to watch 'The Masked Singer' after Super Bowl 2020The famed singing competition will air twice this week.
Read more »

Bloomberg campaign: We’re on 'wartime footing' with TrumpPresident Trump takes time to insult Michael Bloomberg in the pre-Super Bowl presidential interview, and the Bloomberg campaign responds by insulting the president.
Read more »

I've Worn Hair Extensions for 14 Years—These Are the Top 8 Brands to Shop for BundlesShop the best online hair extension brands for clip ins, wefted hair, and faux bangs.
Read more »

How the US-China trade war has starved some Silicon Valley start-upsChinese venture capitalists are retreating from Silicon Valley's start-up scene as the Trump administration ramps up scrutiny over critical U.S. technologies.
Read more »