Vantiv finalises acquisition of Worldpay Group

Vantiv, the leading credit card processor and POS solutions provider has completed the acquisition of Worldpay Group, its US rival.

The two companies will amalgamate and operate under the name Worldpay Inc. that extends payment services in 126 different currencies to customers in 146 countries worldwide. Vantiv came up with an offer of £9.1bn (€10.5bn/$12.5bn) in July last year to merge with Worldpay. The two companies shook hands over a deal worth £9.3bn in August.

Terms of the initial agreement ensured the Vantic shareholders holding a 57% stake and Worldpay investors owning the other 43% in the combined operation.

Worldpay Inc. will have a pro forma enterprise value of $31bn and process over $1.5tn) in payment volume.

Charles Drucker, the preceding President and Chief Executive of Vantiv, will serve as Executive Chairman and Co-Chief Executive of Worldpay Inc., while Philip Jansen, the former Chief Executive of Worldpay, will also become Co-Chief Executive.

Drucker said: “Our combination is transformative for our colleagues, customers and the worldwide payments industry.”

“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, preceding 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 Chief Human Resources Officer, after a spell in the same position at Vantiv.