Crédit Agricole and Worldline sign a binding agreement to create a major player in merchant services in France

Crédit Agricole and Worldline sign a binding agreement to create a major player in merchant services in France

Crédit Agricole and Worldline sign a binding agreement to create a major player in merchant services in France. (Credit: Luc Bernard/Wikimedia Commons)

Worldline [Euronext: WLN] and Crédit Agricole [Euronext: ACA], announced the signing of a binding agreement, a new step in the strategic partnership to create a major player in the French payment market.

Following their exclusive negotiations announced last April, the Crédit Agricole group and the Worldline group have specified, in an agreement signed today, the outlines of their partnership project in the merchant payment services sector.

The Boards of Directors of all the entities concerned in each of the two groups have approved the terms of the binding, exclusive agreement, thus marking a new milestone in this partnership project. The transaction is still subject to the approval of regulators and customary authorities.

This unique and innovative alliance would enable the two partners to create a joint venture with the ambition of becoming a major player in payment services in France. It would leverage the high-level technological performance and innovation capabilities of Worldline, combined with the commercial strengths and exceptional knowledge of the French market of Crédit Agricole and its distribution networks.

The operation is being conducted in accordance with the announced schedule. It is expected that the required approvals will be obtained then the joint venture be operational by the end of 2023; which will enable to launch its offers at the beginning of 2024.

Source: Company Press Release