Vantiv finalises acquisition of Worldpay Group
Payment provider Vantiv has completed its acquisition of US rival Worldpay Group.
The two companies will combine and operate under the Worldpay Inc. name, offering payment services to customers in 146 countries around the world and in 126 different currencies.
In July last year, Vantiv made an offer of £9.1bn (€10.5bn/$12.5bn) to combine with Worldpay, and the two companies agreed on a deal worth £9.3bn in August.
Terms of the initial agreement set out that Vantic shareholders will hold a 57% stake in the combined operation, with Worldpay investors owning the other 43%.
Worldpay Inc will have a pro forma enterprise value of $31bn and process over $1.5tn) in payment volume.
Charles Drucker, previously president and chief executive of Vantiv, will serve as executive chairman and co-chief executive of Worldpay Inc., while Philip Jansen, formerly chief executive of Worldpay, will also become co-chief executive.
“Our combination is transformative for our colleagues, customers and the worldwide payments industry,” Drucker said.
“By combining the expertise of our teams, we will provide further value to our customers, helping them prosper in the fast-changing and complex digital economy.”
Jansen added: “The new senior leadership team is in place and has already begun to implement our plan to integrate the two businesses, delivering new value for customers, realising cost synergies and capturing revenue opportunities that will benefit our shareholders.
“This will be evidenced as Worldpay creates customer-centric innovation at scale, leveraging our combined operations, technology infrastructure and data and analytics capabilities.”
Other key senior appointments include Stephanie Ferris, previously chief financial officer at Vantiv, who will retain her role on a global basis with the combined company.
Mark Heimbouch will serve as chief operating officer after holding the same role with Vantiv, while Mark Kimber, formerly chief information officer at Worldpay, will become chief product officer.
Kevin McCarten will become chief strategy officer, a role he previously held with Worldpay prior to the merger, while Kim Martin will become as chief human resources officer, after a spell in the same position at Vantiv.
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