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US card firm Vantiv seals $10 bn merger deal to buy Worldpay

Worldpay shareholders will own around 43%, while Vantiv investors will have 57% of combined group

Reuters  |  London 

US credit card processing company Vantiv moved closer to creating a $29 billion global payments powerhouse on Wednesday with a formal offer to buy Britain's Worldpay for 8 billion pounds ($10 billion). Vantiv's move is part of a wave of payments company mergers around the world as consumers are moving away from cash transactions to a smartphone or mobile payments and the industry, once a backwater of banking, faces growing competition from newcomers trying to disrupt the way merchants are paid. Recent deals have included British payment firm Paysafe Group backing a 3 ...

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First Published: Wed, August 09 2017. 18:34 IST