American electronic payments provider Vantiv Incorporated has announced the completion of its previously-revealed deal to purchase British counterpart Worldpay Group with the enlarged company now due to be known as Worldpay Incorporated.
Cincinnati-based Vantiv Incorporated first unveiled its plan to acquire Worldpay Group in August and recently stated that the combined entity is now worth approximately $31 billion thanks to payment volumes of more than $1.5 billion. It also explained that the merged businesses have created ‘a leading payments provider uniquely equipped to power global integrated omni-commerce’ that is able to process in excess of 40 billion transactions a year via over 300 payment types across some 146 nations utilizing 126 currencies.
Charles Drucker, Chairman and Co-Chief Executive Officer for Worldpay Incorporated, declared that the amalgamation of Worldpay Group with Vantiv Incorporated will enable the enlarged enterprise to provide ‘further value to our customers’ and help these to ‘prosper in the fast-changing and complex digital economy’.
“Our combination is transformative for our colleagues, customers and the worldwide payments industry,” read a Tuesday statement from Drucker. “We would not be here without the enthusiasm, dedication and hard work of all our people, who will continue to forge the future of payments.”
Stock for the new-look Worldpay Incorporated began trading on the exchanges in New York and London earlier this week with the firm proclaiming that the merger will allow it to leverage ‘combined technology capabilities’ in order to deliver ‘customer-centric innovation at scale’.
The new firm’s other Co-Chief Executive Officer, Philip Jansen, detailed that the larger company is set to deliver ‘new value for customers’ by ‘realizing cost synergies’ and capturing ‘revenue opportunities that will benefit our shareholders’.
“This will be evidenced as Worldpay [Incorporated] creates customer-centric innovation at scale, leveraging our combined operations, technology infrastructure and data and analytics capabilities,” read a statement from Jansen.