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Worldpay's £8bn merger with Vantiv finally confirmed

The mega merger between London-headquartered Worldpay and US rival Vantiv has finally been confirmed after post-takeover plans to retain its UK headquarters had seemingly held up the deal.

In an announcement to the London Stock Exchange this morning, the Cincinnati-based card processing firm confirmed an agreement had been reached for the huge takeover which values Worldpay at £9.3bn.

It had looked as if the merger would hit a snag after press rumours that the two firms were struggling to come to an agreement over retaining Worldpay’s London HQ and the retention of jobs in the UK.

However, a compromise seems to have been met with the newly combined entity, which will operate under the Worldpay brand, will have its global and corporate headquarters in Cincinnati, Ohio and its international base in London.

The newly combined entity will boast an enterprise value of around £22bn and will be headed up by Charles Drucker as Executive Chairman and Co-CEO, with fellow Co-CEO Philip Jansen and CFO Stephanie Ferris both reporting to Drucker.

Philip Jansen, who is currently chief executive at Worldpay, said: “This is a merger of two world class payment companies, which will create a global omni-commerce leader, with substantial opportunities to capitalise on the rapid evolution of payments.

“The growth of eCommerce and the way consumers expect to transact is increasing complexity for businesses around the world.

“Our unique combination of scale, innovation, technology and global presence will mean that we can offer more payment solutions to businesses, whether large or small, global or local, enabling them to meet consumers’ increasing demands and helping them prosper.”

Charles Drucker, President and Chief Executive Officer of Vantiv, said: “This is a powerful combination that is strategically compelling for both companies.

“It joins two highly complementary businesses, and will allow us to achieve even more together than either organisation could accomplish on its own.

“Our business will have multiple opportunities to enhance its leading growth profile, driven by our global eCommerce capabilities, the strength of our people and their consistent focus on execution.”

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