Linklaters advises Eurobank on the majority sale of its merchant acquiring unit to Worldline

Linklaters has advised Eurobank on a binding agreement to sell 80% of its merchant acquiring business (“PayCo”) to Worldline, a French multinational payment and transactional services firm.

Eurobank’s merchant acquiring unit is a leading acquirer in the Greek market with a 21% share of transaction volumes processed in Greece. It currently manages payments for 123,000 physical and online merchants with over €7 billion value of transactions.

The deal, which values 100% of PayCo at €320 million subject to customary adjustments, also includes a long-term agreement for the exclusive distribution of PayCo products in Greece through Eurobank’s sales network.

In line with Eurobank’s strategic plan to focus on its core activities while further strengthening its capital base, the agreement combines Worldline’s global reach, cutting-edge technologies and expertise with Eurobank’s strong distribution network, aiming to deliver value added merchant acquiring products and services to Eurobank’s customers and the market.

Linklaters assisted Eurobank with a team composed of partner Hugo Stolkin (Mainstream Corporate, London) and managing associate Daniel Bergman (Mainstream Corporate, London) with associate William Peck (Mainstream Corporate, London) for corporate aspects. Partner Marly Didizian (TMT, London), managing associates So Yeon Um (TMT, London) and Dianne Devlin (TMT, London) with associate Aveline Orban (TMT, London) led on the strategic partnership agreements, while partner Natura Gràcia (AFIG, London), managing associate Lodewick Prompers (AFIG, Brussels) and associate Margarita Karkantzou (AFIG, London) dealt with antitrust aspects.

The transaction aims to close by Q2 2022 and is subject to relevant regulatory approvals.