Worldpay expects merger with Vantiv to complete in mid-January 2018

Maria Nikolova

Since the merger was announced, Vantiv and Worldpay have made good progress on all aspects of the transaction and integration planning has started.

Worldpay Group PLC (LON:WPG) has earlier today provided an update on the planned merger with Vantiv.

Since the deal was announced in August this year, Vantiv and Worldpay have made nice progress on various aspects of the transaction and integration planning has begun. Vantiv and Worldpay anticipate that their respective shareholder meetings will be convened in early January 2018 and it is expected that the merger will complete in mid-January 2018, subject to, inter alia, the necessary shareholder approvals.

In early August this year, the boards of directors of Vantiv and Worldpay announced that they had reached agreement on the terms of a recommended merger of Worldpay with Vantiv and Vantiv UK Limited (a subsidiary of Vantiv). Under the terms of the merger, Worldpay shareholders will be entitled to receive 55 pence in cash for each Worldpay share held and 0.0672 of a new Vantiv share for each Worldpay share held.

The combined company was estimated to have a pro forma enterprise value of approximately £22.2 billion. Upon completion of the merger, Worldpay shareholders are set to own approximately 43%, and Vantiv shareholders are set to own approximately 57% of the combined company (on a fully diluted basis).

The companies explained the rationale for the deal via the changes in the payments landscape. In particular, merchants and consumers are continuously looking for new and innovative solutions to enable commerce as payments move into the digital world. That is why, the combined company will seek to be a leading global omni-commerce payments provider.

Vantiv believes that the merger will generate synergies that could not be achieved independently of the deal and which will lead to substantial value creation for all shareholders. Vantiv anticipates that the Merger will lead to annual recurring pre-tax cost synergies of approximately US$200 million. The synergies are expected to be fully realised by the end of the third year following completion of the merger.

Following completion of the merger, Cincinnati, Ohio will be the combined company’s global and corporate headquarters and London, UK, will become its international headquarters. The combined entity will be named “Worldpay”.

Read this next

Digital Assets

BlockDAG Presale Raises $9.9M as Batch 5 Nears Sell-Out Amid Bonk’s Fluctuating Trading Volume & Spell’s Bullish Price

Explore BONK’s trading volume, SPELL’s market shifts, and why BlockDAG’s 10,000 ROI makes it an ideal crypto for savvy investors in 2024.

Digital Assets

Cathie Wood’s sponsored Bitcoin ETF sees historic $200 million inflows

The ARK 21Shares Bitcoin ETF (ARKB), co-sponsored by Cathie Wood’s ARK Invest, registered historic inflows exceeding $200 million on Wednesday, signaling a robust appetite among investors for Bitcoin-centric investments.

Digital Assets

Sam Bankman-Fried might see his 25-year sentence halved

Sam Bankman-Fried, the founder of the failed cryptocurrency exchange FTX, was sentenced to 25 years in federal prison by a Manhattan court on Thursday. This comes after he was convicted of defrauding customers and investors, with Judge Lewis Kaplan highlighting the potential future risks posed by Bankman-Fried.

Technical Analysis

EURJPY Technical Analysis Report 28 March, 2024

EURJPY currency pair under the bearish pressure after the pair reversed down from the major resistance level 164.25, which also stopped the sharp weekly uptrend at the end of last year,

Digital Assets

BlockDAG’s Presale Hits $9.9M, MultiversX & MINA Price Predictions Show Green

Read about BlockDAG’s promising $10 prediction and insights on MultiversX Price Prediction as MINA’s potential unfolds.

Digital Assets

Rockstar Co-Founder and All-star Line Up Join Advisory Board to Take Metacade into Post Beta Orbit

Metacade, the revolutionary Web3 gaming platform, prepares to streak out of beta with a slew of ground-breaking initiatives that will redefine the way blockchain games are developed.

Retail FX

Prop firm The Funded Trader shuts down, claims relaunch in April

Prop trading firm The Funded Trader has ceased all operations, with claims for a relaunch in the near future.

Digital Assets

Ethereum-Based Tokenized Real Estate Platform USP Launches On Republic

How This Californian Startup Is Revolutionizing Real Estate Investment through Ethereum-Based Tokenization.

Digital Assets

Sui Spikes in Weekly DEX Volume, Joins Top 10 of All Blockchains

March DEX volume on Sui stands at over $2.88B – up more than 49% from February – with decentralized exchange Cetus and wholesale liquidity layer DeepBook leading.

<