Worldline Closes Sale of TSS Business Line to Apollo Funds
Worldline, a global leader in payment services, has completed the sale of its Terminals, Solutions & Services (TSS) business line to Apollo Funds, the investment funds managed by affiliates the leading asset manager Apollo Global Management. The standalone company will now operate exclusively as Ingenico.
Worldline entered into talks with Apollo Funds on the purchase of TTS business line in February. The company has completed the sale and contribution of approximately 85% of Ingenico to private equity funds managed by Apollo after the authorities' approval, and the rest 15% stakes will be taken place on January 1, 2023, in line with the expected timetable.
The deal will support the transformation plan of Ingenico, it is also an important part of Worldline's development strategy. The sale of the business is expected to simplify the structure of the payment provider, and the proceeds from the disposal will be conducive to its next growth phase.
According to the terms of the transaction, Worldline will be benefit from future value creation opportunities made possible by the robustness and quality of Ingenico, the Apollo Funds' expertise and know-how and the transformation plan shared between the parties via the ownership of preferred shares.
This transaction also encompasses the entry into force of a partnership agreement cementing the strategic and long-term relationship between Worldline and Ingenico over the next 5 years.
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