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Vantiv Offers Worldpay a Deal Valued at $10 Billion

Vantiv Offers Worldpay a Deal Valued at $10 Billion

Worldpay Group Plc (WPG.L), Britain's largest payment processor is "close to" recommending a takeover offer from USA credit card technology firm Vantiv Inc (VNTV.N), Sky News reported citing sources. Worldpay dropped 36 pence to £3.72, after news that it would sell for £3.85 per share, including stock, cash and a 5 pence dividend payment.

Worldpay and Vantiv have agreed preliminary terms on a $20bn merger deal, the companies announced on Wednesday.

Vantiv has offered to pay 385p a share for Worldpay, or £7.7bn, plus £1.4bn to cover debts. That put the company's market value at 8.2 billion pounds ($10.6 billion).

Vantiv boss Charles Drucker will be executive chairman of the merged group, while Worldpay's Philip Jensen will stay as co-chief executive.

Boasting a 5,000 strong staff at its London HQ, the payments firm is considered a market leader in the United Kingdom, dealing with over 40% of all transactions made.

Worldpay provides businesses with the technology needed to process payments on cards, online or on mobile.

New cyber attack shuts down largest terminal of Los Angeles Port
The virus infected only one-tenth as many computers as May's WannyCry, according to Kingsoft, a supplier of security software. The extent of the impact on its systems was not immediately clear and the company could not be reached for comment in India.

JPMorgan Chase said it was at a "very early stage" of considering an offer for Worldpay but has now withdrawn its interest.

Analysts suggested Worldpay could fetch up to 450p per share, nearly double the 2015 IPO price, valuing it at £9 billion. The board will consist of four Worldpay and seven Vantiv directors. The company says that its business will cover the US, Europe, Asia-Pacific and South America, "including numerous world's largest e-commerce merchants, and a substantial base of merchants of all sizes in Europe and the US".

Following the completion of the potential merger, Worldpay shares will be delisted from the London Stock Exchange, while common stock of Vantiv will be held by the combined group and continue to be listed on the New York Stock Exchange.

Worldpay dates back to 1989 when it was set up as a UK-based electronic payment provider that focused on point-of-sale transactions.

Over the weekend, Nets, the Danish payments services company, said it had been approached by potential suitors.

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