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Worldline preps EUR610m IPO

16 June 2014  |  3994 views  |  0 cash

French IT giant Atos is splitting off its electronic payments unit Worldline in an initial public offering that will raise around EUR610 million.

Worldline will issue around EUR255 million of new shares and 355 million of existing shares based on a midpoint of a price of between EUR16.40 and EUR20 per share. Trading on Euronext Paris is expected to start on 27 June.

Atos will keep a stake of around 70%, valuing the business at over EUR2 billion. Worldline CEO Gilles Grapinet says that the unit will now look to spend up to EUR1 billion on acquisitions.

Says Grapinet: "The IPO marks a new chapter in Worldline's history and will open exciting opportunities for the group, its clients and its employees. It comes at a unique moment of opportunity for growth, thanks to the convergence of three phenomena: the digital and mobile revolution, the changes in the regulatory framework for the European payments sector and the shift in strategy by many banks following the financial crisis.

"As an innovative high-tech market leader in the European e-payments market, our IPO will help us take advantage of the forthcoming consolidation and future growth of the sector."
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