(Reuters) -Worldline has bought a controlling stake in ANZ’s commercial acquiring business, completing the creation of a 51%-49% joint venture that it will control, the French payments company said on Friday.
Announced in December 2020, the alliance is “a unique opportunity” for Worldline to expand its merchant acquiring business outside of Europe, it said in a statement.
Merchant acquiring involves collecting card-based payments which have been accepted by retailers.
Worldline reported at the time that the enterprise value of the business amounted to 925 million Australian dollars ($691 million).
Headquartered in Melbourne, ANZ’s commercial acquiring unit is the third largest payment acceptance and acquiring business in Australia, with a share of about 20% of transaction volumes processed.
The Australian market offers an attractive growth opportunity driven by the shift from cash to card, Worldline said, pointing to a high level of electronic payments adoption and consumer use of contactless cards and digital wallets.
Over the next five years, Worldline expects the joint-venture to generate additional annual revenue of around 180 million euros ($199 million) and an operating margin of about 20% before depreciation and amortisation at closing.
($1 = 1.3382 Australian dollars)
($1 = 0.9041 euros)
(Reporting by Juliette Portala; editing by David Goodman and Jason Neely)
