Worldline to Buy Controlling Stake in ANZ Bank's Commercial Acquiring Business
December 14 2020 - 12:38PM
Dow Jones News
By Mauro Orru
Worldline said Monday that it has signed an agreement with
Australia & New Zealand Banking Group Ltd. to acquire a 51%
stake in the bank's commercial-acquiring business as the company
seeks to expand its merchant-services business outside of
Europe.
The French fintech company said the stake acquisition is for a
cash consideration of around 485 million Australian dollars ($365.4
million).
"Australia is a highly attractive strategic market as it is very
close to Europe in terms of market structure, standards and
technology, with a high level adoption of electronic payments.
Backed by a solid macroeconomic environment and a strong long-term
growth potential, the Australian market represents a rare
opportunity to scale-up our platforms and roll-out our innovative
solutions in very close partnership with such a leading institution
as ANZ," said Worldline Chief Executive Gilles Grapinet.
The two companies are establishing a joint venture to operate
and develop commercial-acquiring services in Australia, with
Worldline retaining 51% and ANZ the remaining 49%.
The transaction is expected to close in the fourth quarter of
2021, Worldline said.
Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94
(END) Dow Jones Newswires
December 14, 2020 12:23 ET (17:23 GMT)
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