Payments firm Worldline in talks to spin off terminals business for €2.3bn
French payments giant Worldline has confirmed it is in exclusive talks to spin off its terminals business to US Apollo Funds for €2.3bn deal, the firm confirmed today.
The deal with Apollo would comprise of a €1.7bn upfront payment as well as shares that could reach up to €0.9bn, depending on the future value creation of the terminal solutions and services business (TSS).
Worldline CEO Gilles Grapinet said the TSS business was a world leader in its spac and had very strong development potential under boss Matthieu Destot.
“We trust Apollo can provide TSS with the best assets, expertise and support to ensure the pursuit of its successfully initiated transformation journey towards an ‘as-a-service’ business model, reinforcing further its long-term success,” he said.
Grapinet said the announcement was a “major milestone” in Worldline’s strategy after a spate of acquisitions in 2021 in Greece, Italy and Sweden, as well as French based transactions firm Ingenico.
Bosses at Worldline said the dea lwith Apollo is slated for the second half of this year.