Belfast Telegraph

Worldpay and Vantiv talks go into extra time

By Holly Williams

UK payments processor Worldpay has been granted a second extension for its merger talks with US suitor Vantiv as the firms haggle over terms of the £9bn deal.

The last-minute extension sees Vantiv given until 5pm on August 11 to make a firm offer or walk away under City takeover rules.

Worldpay said "positive discussions" are continuing between the two companies as they thrash out the final details.

The deadline change means that earnings for both Worldpay and Vantiv will now be pushed back to Wednesday.

Cincinatti-based Vantiv reached a preliminary agreement last month on the tie-up, which would see it pay 385p a share for Worldpay, or £7.7bn, plus £1.4bn to cover debts, valuing the British group at £9.1bn.

But the pair are reportedly still working on terms, including the protection of British jobs and employees.

The merger would create a trans-Atlantic payments processing giant with a combined market value of more than $20bn (£15.5bn).

Under terms of the proposed deal, FTSE 100 firm Worldpay will delist from the London stock market, but will be run by two chief executives and co-headquartered between London and Vantiv's base in Cincinatti.

Worldpay shareholders would own around 41% of the combined group under the deal with Vantiv.

The firms said last month the proposed deal "creates a scale, world-class payments group in a dynamic market".

After its merger, the enlarged group would be led by Worldpay's current boss Philip Jansen as co-chief executive and Vantiv's Charles Drucker as executive chairman and co-chief executive.

Belfast Telegraph