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Worldline To Buy Ingenico Group In EUR 7.8 Bln Deal

France's Worldline SA said it would buy Ingenico Group SA in a deal consisting of 81% stock and 19% cash. The deal gives Implied Ingenico equity value of 7.8 billion euros.

The companies's Boards approved a business combination agreement by which Worldline would launch a tender offer for all Ingenico shares.

As per primary tender offer, Ingenico shareholders would receive 11 Worldline shares and 160.5 euros in cash in exchange for seven Ingenico shares.

Under a secondary offer, Ingenico shareholders would receive 56 Worldline shares in exchange for 29 Ingenico shares, translating into an offer price of 123.10 euros per share based on Friday's market close.

Upon closing, former Worldline shareholders would own 65% of the combined entity and former Ingenico shareholders would own 35%.

The transaction would combine two premier companies to create the world's number four player in payment services with about 20,000 employees in approximately 50 countries with physical presence, Worldline said.

Gilles Grapinet, current Worldline Chairman & CEO, would become the CEO of the combined entity and Bernard Bourigeaud, current Chairman of Ingenico, would become the non-executive Chairman of the Board of Directors at closing.

Worldline expects that the transaction would generate a double digit earnings per share accretion from the first year. It expects to close the deal during the third quarter of 2020.

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