Worldline to acquire Banco Desio merchant acquiring activities
Worldline to acquire
merchant acquiringactivities
of Banco Desio
Reinforcement of
Worldline presence in the promising Italian market
with a strong partner
Paris, La Défense,
November 7, 2022 – Worldline
[Euronext: WLN], a global leader in
payment services, announces
the signing of a binding agreement for the
acquisition of Banco
Desio’s merchant
acquiring activities and the
planned set-up of a commercial
partnership aiming to leverage Banco
Desio’s banking network in order to distribute
Worldline’s payment products and services to
merchant customers of the bank
in Italy.
Gilles Grapinet, CEO of
Worldline, said: "I am very proud to announce the
acquisition of Banco Desio’s merchant acquiring activities. This
operation is fully in line with our strategy to further expand our
Merchant Services activities towards the South of Europe and in
particular in Italy, a highly attractive and strategic market for
Worldline where we intend to continue leveraging our footprint
built last year through the acquisition of Axepta Italy early 2022
and the set-up of the Worldline MS Italy joint venture.
This transaction offers attractive development
opportunities for Worldline in the coming years, leveraging a
strong banking network as a key commercial channel in order to
distribute Worldline’s full suite of end-to-end payment solutions
to merchants.
With this transaction, Worldline keeps on
playing the leading role in the consolidation of the European
payments industry, with a focus on value-creating consolidation
opportunities, enhancing Worldline scale, reach and significant
presence in a growing number of countries.”
Acquisition of merchant
acquiring activities of Banco Desio
and set-up of a
long-term commercial partnership
Banco Desio Group is an important Italian
banking group with a strong local approach delivered through a
network of more than 230 branches. The banking group was looking
for a partner to acquire, operate and develop its merchant
acquiring portfolio which delivers payment solutions to c. 15
thousand merchants generating c. 40 million transactions per year,
representing c. € 2.0 billion of MSV. It also manages the marketing
and distribution of more than 19 thousand POS to the merchants
within the bank’s network.
As part of the transaction, Worldline will enter a
long-term commercial partnership with Banco Desio aiming to
leverage its strong banking network as a key commercial channel in
order to distribute Worldline’s best-in-class payment product and
services to merchants.
Reinforcement of Worldline presence
in Italy, one of
the most attractive payment markets in Europe
Following the acquisition of Axepta Italy early
2022 and the set-up of the Worldline MS Italy joint venture, this
transaction is fully in line with Worldline’s strategy to reinforce
its presence in Italy, a highly attractive and strategic market for
Worldline. The country is the third largest euro economy in Europe
with a cash penetration that remains high with cash accounting for
close to 76% of total payment volume in 20211, a rapid shift from
cash to card and electronic payment adoption and by one of the
highest POS densities per inhabitants in Europe. Transactions
acquired are well balanced by card type (Credit cards,
PagoBancomat, and Debit & Prepaid).
As an additional very compelling characteristic,
Luxury and Retail market is one of the most important sectors of
the Italian economy and a key pillar of its economic growth. In
addition, with close to 100 million tourists per year, Italy is one
of the most visited countries in Europe and in the world. This
represents a very attractive feature of the Italian payment market
offering numerous additional growth opportunities in a post-Covid
context by leveraging the very rich Worldline portfolio of Luxury
& Retail and Travel & Hospitality solutions.
Key items of the
transaction
- Worldline to acquire 100% of Banco
Desio’s merchant acquiring activities through the Worldline MS
Italy joint venture for c. € 100 million
- Additional annual revenue of c. €
15 million in year one with expected double-digit organic growth in
the coming years
- OMDA margin expected above 30% at
closing
- Expected closing in Q1 2023 after
the usual regulatory approvals
Forthcoming event
- February 21,
2023 FY 2022
results
- April 26,
2023 Q1
2023 revenue
- June 8,
2023 Annual
General Shareholders’ Meeting
- July 26,
2023 H1
2023 results
- October 25,
2023 Q3 2023
revenue
Contacts
Investor Relations
Laurent Marie+33 7 84 50 18
90laurent.marie@worldline.com
Benoit d’Amécourt+33 6 75 51 41
47benoit.damecourt@worldline.com
Communication
Sandrine van der Ghinst+32 499 585
380sandrine.vanderghinst@worldline.com
Hélène Carlander+33 7 72 25 96
04helene.carlander@worldline.com
About Worldline
Worldline [Euronext: WLN] is a global leader in
the payments industry and the technology partner of choice for
merchants, banks and acquirers. Powered by 20,000 employees in more
than 50 countries, Worldline provides its clients with sustainable,
trusted and innovative solutions fostering their growth. Services
offered by Worldline include instore and online commercial
acquiring, highly secure payment transaction processing and
numerous digital services. In 2021 Worldline generated a proforma
revenue close to 4 billion euros. worldline.com
Worldline’s corporate purpose (“raison d’être”)
is to design and operate leading digital payment and transactional
solutions that enable sustainable economic growth and reinforce
trust and security in our societies. Worldline makes them
environmentally friendly, widely accessible, and supports social
transformation.
Disclaimer
This document contains forward-looking
statements that involve risks and uncertainties, including
references, concerning the Group's expected growth and
profitability in the future which may significantly impact the
expected performance indicated in the forward-looking statements.
These risks and uncertainties are linked to factors out of the
control of the Company and not precisely estimated, such as market
conditions or competitors’ behaviors. Any forward-looking
statements made in this document are statements about Worldline’s
beliefs and expectations and should be evaluated as such.
Forward-looking statements include statements that may relate to
Worldline’s plans, objectives, strategies, goals, future events,
future revenues or synergies, or performance, and other information
that is not historical information. Actual events or results may
differ from those described in this document due to a number of
risks and uncertainties that are described within the 2021
Universal Registration Document filed with the French Autorité des
marchés financiers (AMF) on April 25, 2022 under the filling
number: D.22-0342 and its Amendment filed on July 29, 2022 under
the filling number: D. 21-0342-A01.
Revenue organic growth and Operating Margin
before Depreciation and Amortization (OMDA) improvement are
presented at constant scope and exchange rate. OMDA is presented as
defined in the 2021 Universal Registration Document. All amounts
are presented in € million without decimal. This may in certain
circumstances lead to non-material differences between the sum of
the figures and the subtotals that appear in the tables. 2022
objectives are expressed at constant scope and exchange rates and
according to Group’s accounting standards.
Worldline does not undertake, and specifically
disclaims, any obligation or responsibility to update or amend any
of the information above except as otherwise required by law.
This document is disseminated for information
purposes only and does not constitute an offer to purchase, or a
solicitation of an offer to sell, any securities in the United
States or any other jurisdiction. Securities may not be offered or
sold in the United States unless they have been registered under
the U.S. Securities Act of 1933, as amended (the “U.S. Securities
Act”) or the securities laws of any U.S. state, or are exempt from
registration. The securities that may be offered in any transaction
have not been and will not be registered under the U.S. Securities
Act or the securities laws of any U.S. state and Worldline does not
intend to make a public offering of any such securities in the
United States.
1 source: Politecnico di Milano
- Worldline to acquire Banco Desio Merchant Acquiring
activities
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