Worldline will enter into a long-term partnership with BLN to leverage the latter’s banking network to distribute its product and services
Worldline to acquire controlling stake in Axepta Italy for €220m. (Credit: Worldline.)
Worldline has agreed to acquire an 80% stake in Axepta Italy, the merchant acquiring unit of BNP Paribas’ Italian subsidiary BNL banking group, for an enterprise value of €220m.
Under the terms of the transaction, the French payments services provider will establish a long-term commercial partnership with BLN.
The partnership will leverage BLN’s wide-ranging banking network to distribute Worldline’s and Axepta Italy’s payment products and services in the country.
Worldline believes that the joint venture will help expand its merchant services activities in Italy.
Worldline chairman and CEO Gilles Grapinet said: “The partnership with BNL through the acquisition of 80% of Axepta Italy is a further significant development in our Group consolidation strategy in Europe, extending our Merchant Services activities towards the South of Europe.
“Thanks to this transaction, we indeed benefit from a direct access to an existing merchants’ portfolio in the fast-growing Italian market, driven by the steady ongoing adoption of electronic payments.
“This transaction offers attractive growth opportunities for Worldline in the coming years and a strong footprint to further expand our Merchant Services activities in Italy.”
Established in 2006, Axepta Italy is one of the large bank-owned acquirers in Italy, acquiring around 200 million acquiring transactions per annum, from a network of 220,000 POS acceptance.
The firm offers international payment solutions for all channels including online, mobile or in-store payment solutions, through more than 100 employees.
It serves a highly diversified portfolio of around 30,000 merchants, comprising more than 60% SMBs and around 30% large corporates, with a very low attrition rate.
Furthermore, Worldline is planning a large-scale integration and development programme at closing to further improve profitability rate through operating leverage and costs efficiency.
BNL deputy general manager Marco Tarantola said: “Through this partnership, BNL aims to pursue its specialisation’s journey in payment solutions initiated during the last years with Axepta, after having acquired in 2016 100% of the JV, BNL positivity created in the past with another player.
“The Worldline’s footprint as well as its expertise ensures a high standard of service level, quality and performance of its payment solutions.
“This will allow us to propose to our customers a broad range of products, services and payment solutions, permanently in evolution thanks to innovation and new technologies’ best use.”
In May this year, Worldline signed an agreement for the acquisition of 92.5% of Cardlink, a network services provider in Greece.