Worldline has wrapped up the acquisition of SIX Payment Services, the payment services arm of Swiss stock exchange operator SIX.

The deal, first announced in May this year, offers SIX a 27% stake in Worldline.

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Consideration for the deal includes 49.1 million new Worldline shares along with a cash payment of CHF338m.

“With revenues reaching an estimated c. € 2.3 billion in 2019, Worldline reinforces its existing n°1 position within the European payments landscape,” Worldline said in a statement.

The former offices of SIX Payment Services’ offices have now become Worldline offices. However, these offices will retain the SIX Payment Services brand. A total of 1,300 employees from SIX have now migrated to Worldline.

As part of the deal, two SIX representatives Romeo Lacher and Giulia Fitzpatrick have joined the Worldline board.

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The merged entity is said to be the largest European payments provider, with a 10% merchant acquiring market share in Europe and a 20% market share in financial services.

Worldline CEO Gilles Grapinet said: “This transaction leads indeed to a major transformation of our company and positions it by far as the undisputed leader of payment services in Europe. I am also particularly pleased by the quality and fast pace of the integration preparation programme, thanks to the exemplary cooperation between the two companies.

“This is a very positive sign for the future execution of our synergy plan and the proof that Worldline is the ideal platform to continue building the European consolidation of our industry.”