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Worldpay shelves £6.6bn bid by French rival to press ahead with IPO

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The British payments group is performing strongly, with its latest financial results for the first six months of 2015 showing revenue and profits growing by 13 per cent to £465.7m and £182.6m respectively.

Philip Jansen, Worldpay’s CEO, said the results reflected its “ongoing focus on investing in technology and building our business, developing new and innovative products and meeting the evolving needs of our customers to help them prosper.”

As reported by Sky News on 16 September, due to this success the Ingenico Group has been eyeing Worldpay and submitted an offer worth £6.6bn.

It was suggested that Ingenico had lined up BNP Paribas, JP Morgan and Morgan Stanley to work alongside HSBC, Natixis and Societe Generale on the financing of its offer.

However, Worldpay’s shareholders, Advent International and Bain Capital, have long been discussing the merits of an initial public offering (IPO), which would propel the company straight into the FTSE 100 index.

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Jansen said: “We have invested over £1bn in our technology, people and capabilities including over £400m in a state of the art global payments acquiring engine as well as in the recruitment of approximately 2,500 highly skilled colleagues. As a result, we have built a modern and sophisticated technology-led organisation with huge potential.

“The IPO is an exciting and logical next step as we seek to continue this momentum. It will enable us to access new capital for growth, augment our global proposition and further enhance our ability to serve customers across the world.”

Worldpay intends to raise £890m through the IPO to pay down its debt. 

Post admission to the London stock exchange – which is expected to take place in October – Worldpay is expected to have a free float of “at least 25 per cent”.

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