Vantiv Agrees to Purchase Worldpay Group for $10.4 Billion

The FTSE 100 Index closed up 10.79 points at 7,542.73

LONDON-Vantiv Inc. agreed to acquire United Kingdom payments processor Worldpay Group PLC for about £8 billion ($10.4 billion) in cash and stock, one of the biggest deals in the fast consolidating sector.

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

The formal announcement confirmed an exclusive Sky News report that Worldpay's chairman Sir Mike Rake will be lead director of the business's board.

Vantiv expects the deal to result in annual recurring pretax cost synergies of about $200 million by the end of the third year following completion of the merger.

The agreement, seen by experts as the beginning of a trend for combinations in the payments market, will witness Vantiv offer Worldpay stake holders 55 Pence in cash for each share in addition to a cash dividend of 5 Pence for each Worldpay stake plus 0.0672 latest Vantiv stakes.

The combined group will be valued at £22 billion.

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Cincinnati, Ohio will become the company's global and corporate headquarters and London, U.K. will become its worldwide headquarters.

The deal comes less than 2 Years post Worldpay listed in late 2015 in London, when it was worth 4.8 Billion Pounds. The enlarged group will have a primary listing on the New York Stock Exchange, and Vantiv will seek a secondary listing in London. "It joins two highly complementary businesses, and will allow us to achieve even more together than either organisation could accomplish on its own".

Mr Jansen said the merger deal would create a global leader "with substantial opportunities to capitalise on the rapid evolution of payments".

The deal will "offer more payment solutions to businesses, whether large or small, global or local, enabling them to meet consumers' increasing demands", he added.

Worldpay was formerly owned by Britain's state-rescued Royal Bank of Scotland, which sold off its remaining stake to private equity firms Advent International and Bain Capital in 2013.

Worldpay said on Wednesday its first-half underlying earnings rose 13.6 per cent, driven by strong growth across all its businesses and tightened costs at its United Kingdom unit.

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