Worldline Completes the Sale of Its TSS Business to Apollo Funds

Worldline, a leader in the payments industry, announced the completion of the sale of its Terminals, Solutions & Services (TSS) business line to Apollo Funds, as announced on February 21, 2022. The standalone company will now operate exclusively as Ingenico.

Worldline successfully completed the sale and contribution of c. 85% of Ingenico to private equity funds managed by Apollo (the Apollo Funds) with the sale of the remaining c. 15% to take place on January 1st 2023, in line with the contemplated timeline. The transaction was completed after all the responsible authorities approved the acquisition by Apollo Funds.

While this transaction is expected to support Ingenico in its transformation plan, it also marks a new important milestone in Worldline's strategy. It will simplify the Group's structure and further increase the focus on core payment services. The proceeds from this disposal will allow Worldline to further accelerate its next development phase and to anchor the Group's leadership in payments services.

Under the terms of the transaction, Worldline can 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 structure allows to align interests between Worldline and the Apollo Funds and will be directly linked to the total value creation achieved by Ingenico post completion of the sale. Last, 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.

Latham & Watkins is serving as legal counsel to Worldline. UBS Investment Bank and BNP Paribas are acting as financial advisors to Worldline.

Paul, Weiss, Rifkind, Wharton & Garrison LLP and the French offices of Cleary, Gottlieb, Steen & Hamilton LLP are serving as legal counsel to the Apollo Funds. HSBC is acting as lead financial advisor, and Barclays and Societe Generale as financial advisors to the Apollo Funds.