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Worldpay, M&A in focus as European shares consolidate, Wall Street on break

Worldpay, M&A in focus as European shares consolidate, Wall Street on break”

Vantiv Inc., a major US credit-card processor, has made an offer valuing United Kingdom payments group Worldpay Group Inc.at $10 billon, beating out rival bidder J.P. Morgan Chase & Co. This would mean ultimately shareholders of Worldpay would get £3.85 per share.

The Vantiv deal values Worldpay shares at £3.85, including a 5p dividend, which is a 19% premium on their value on Monday, day before the British company confirmed the approaches.

Payment processing giant Vantiv has reached a deal to acquire London-based processing rival Worldpay for around $10 billion.

Vantiv and Worldpay said they have identified "substantial" opportunities for cost synergies, without disclosing how much or where they are.

Vantiv will dominate the board with seven members, including Charles Drucker as executive chairman and co-chief executive.

Britain's biggest payments processor announced the development shortly after Sky News revealed that credit card technology firm Vantiv had been locked in discussions all night on securing an agreement with the Worldpay board. VNTV, -1.31%, a rival in the USA, and J.P. Morgan Chase & Co.

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"We believe Worldpay is a unique asset and the current interest from two USA peers could also trigger the intention of parties like Google, Amazon, Apple", a note from Mediobanca Securities said.

In 2015 its shares started trading on the FTSE 100 bluechip index.

Last year, Worldpay recorded the revenues of £4.5 billion and operating profit of £389.2 million.

Analysts suggested Worldpay could fetch up to 450p per share, nearly double the 2015 IPO price, valuing it at £9 billion. Vantiv Chief Financial Officer Stephanie Ferris, will remain CFO of the combined group.

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

While combining Worldpay with either JPMorgan or Vantiv would bring efficiency from sharing operations, it could also help the companies to "mount a more robust defense to new kids on the block", O'Sullivan added.

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