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Worldline has reached a deal with Apollo Funds to sell its Terminals, Solutions & Services (TSS) business for up to €2.3 billion.
The agreement comprises a €1.7 billion upfront consideration as well as preferred shares that could reach up to €0.9 billion in value depending upon future results.
A sale of the business has been in the works since Wordline’s take over of Ingenico in 2020.
Gilles Grapinet, CEO of Worldline, says: “This announcement is a major milestone in the execution of Worldline’s strategy after the acquisition of Ingenico and numerous new acquisitions in 2021 in Greece, Italy and Sweden, strengthening its leadership position in payment services. This contemplated transaction, while being fundamentally triggered by the best interest of TSS, will also simplify our group structure, further increase our focus on our core activities and massively deleverage our balance sheet allowing the acceleration.”
Worldline shares were up 3.5% on the news. JP Morgan said the deal represented a higher-than-expected value for TSS.
Financial Services
