$10bn US tug-of-war for Worldpay
Cambridge Science Park company Worldpay, the UK’s largest electronic payment processing group, is in a takeover tug-of-war involving two American competitors.
Its shares have soared following separate approaches from US payment handler Vantiv and JPMorgan Chase bank, valuing the group at £10 billion-plus.
As the FT points out, the double whammy on Worldpay from the States comes just over a year after it was set to bid for a significant US rival.
Worldpay floated on the London Stock Exchange in 2015 and has scaled revenue and underlying profits in the past 12 months.
The fall in Sterling following the Brexit referendum has had European, Asian and American competitors swarming round the Worldpay honeypot. Worldpay processes 31 million mobile, online and in-store transactions every day.
Its UK share price opened today 19.70p (almost five per cent) higher at 427.70p sending its market cap soaring to $11.17bn.
The company is headed up by CEO Philip Jansen and operates in more than 40 countries. It pioneered online payments for SMEs.
The Cambridge office supports the company’s eCommerce business which includes: SME sales, eCommerce operations, delivery, technology and product development. It accommodates 300 people. The company is currently hiring for a number of positions in Cambridge.