US payment processing specialist Vantiv has finalised a £9.3bn (US$12.1bn, €10.4bn) deal to merge with UK rival Worldpay, following an initial agreement last month to a union between the two. Vantiv shareholders will own a majority 57% of the combined group, with the companying pay 397p for each share in Worldpay, or £8bn, plus £1.3bn to cover debts. Worldpay investors will hold the remaining 43%.
The new group’s global and corporate office will be in Cincinnati, Ohio, while London will become its “international headquarters”. Vantiv’s CEO since 2009, Charles Drucker, will be executive chairman and joint chief executive. Worldpay’s CEO, Philip Jansen, will report to him as co-chief executive and Vantiv’s chief financial officer (CFO) Stephanie Ferris will hold the same role post-merger
“The combination of scale and presence the merger will bring is an exciting step in the creation of a truly global leader in payments,” said Worldpay. Vantiv is targeting cost synergies of US$200m (£153.7m) and Jansen confirmed that the merger would lead to job cuts among the combined workforce of around 8,500. The majority of the losses are likely to come from the US, where the companies have targeted 63% of cost savings.
Pacific International Lines and the Port Authority of Singapore have signed a deal with IBM to work on proof-of-concept blockchain solutions
As instant payments become more ubiquitous in the US, SWIFT will provide an interface to manage the requirements of sending and receiving domestic instant payment transactions on behalf of customers.
The global bank has joined forces with the tech giant in developing cognitive intelligence technology.
Founders Hector McNeil and Nik Bienkowksi say that they aim to disrupt the exchange traded funds market with HANetf, a one-stop shop for asset managers.