The deal, expected to complete by the end of 2010, has been inked for an enterprise value of up to GBP 2 billion, with RBS keeping a 19.99 percent stake in the new global merchant services group.
RBS took the decision to sell its WorldPay subsidiary, also known as the Global Merchant Services, in order to comply with the EU State Aid requirements. The regulations were issued after the EU approved RBS’s business restructuring plan and granted the latter a state aid.
RBS WorldPay currently activates in over 40 countries, providing payments processing services, including credit, debit, EBT, cheques, gift cards, e-commerce, customer loyalty cards, fleet cards, ATM processing as well as cash management services.
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