Vantiv Inc., a payment processing services and technology solutions provider for U.S. merchants and financial institutions, announced Jan. 16 it has acquired Worldpay Group, a technological payment-solutions company.
The combined company will be Worldpay Inc., and it will focus on providing payment options to simplify and facilitate processing more than 40 billion transactions a year, utilizing more than 300 payment types throughout 146 countries in 126 currencies, according to the press release.
"Our combination is transformative for our colleagues, customers and the worldwide payments industry," Charles Drucker, co-CEO executive chairman of Worldpay, said in the release.
Drucker added he believes the experience of the companies will give customers unparalleled value, as well as access to the technology for payment processing.
"The new senior leadership team is in place and has already begun to implement our plan to integrate the two businesses, delivering new value for customers, realizing cost synergies and capturing revenue opportunities that will benefit our shareholders," Philip Jansen, co-CEO of Worldpay, said in the release.
The company will have a pro forma enterprise value of $31 billion and will process more than $1.5 trillion in U.S. payments, according to the release.