Integrated payments company Shift4 has agreed to acquire Swiss payments and technology firm Global Blue for $7.50 per common share in cash.
The offer marks a 15% premium over Global Blue’s closing share price as of 14 February 2025, valuing the company at nearly $2.5bn.
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Shift4 intends to use cash on hand and a 364-day $1.795bn bridge loan facility to fund the deal.
With 40 years of experience, Global Blue operates at the intersection of travel and luxury retail across Europe, Asia, and South America.
It is known for its two-sided network, connecting millions of international shoppers with merchants through its proprietary app.
The deal will see Global Blue’s merchant solutions integrated into Shift4’s global payments platform, aiming to provide an enhanced experience for merchants.
This includes the addition of tax refund and currency conversion capabilities, which are expected to strengthen Shift4’s position as a vendor and partner.
In addition, Shift4 has said that two of Global Blue’s current shareholders, Ant International and Tencent, are considering partnerships with Shift4 and intends to remain shareholders in the merged entity.
These partnerships may include the distribution of Alipay+ and Weixin Pay, expanding payment options within the Shift4 ecosystem.
Upon finalisation, Global Blue’s stocks will be delisted from public exchanges, and warrant holders can exercise their warrants before their August 2025 maturity.
The deal is slated for completion in the third quarter of 2025, pending regulatory approvals, standard closing conditions, and a minimum tender requirement.
Goldman Sachs is Shift4’s financial advisor for the transaction, with Latham & Watkins and Loyens & Loeff N.V. providing legal counsel.
J.P. Morgan Securities is Global Blue’s lead financial advisor, alongside a team of financial advisors and legal counsel from various firms.
Shift4 president Taylor Lauber said: “This acquisition continues a bold tradition of introducing transformative capabilities to exceptional customers along with a massive embedded cross-sell opportunity. It fits perfectly in the Shift4 playbook: delivering an enormous volume conversion opportunity while unlocking significant new revenue opportunities and capabilities that open entirely new markets for us.”
Global Blue CEO Jacques Stern stated: “Uniting with Shift4 represents the next phase of Global Blue’s growth journey, enhancing our integrated value proposition to our marquee merchants globally. Most importantly, we’re excited, alongside Shift4, to continue our track-record of innovation to deliver better experiences for all stakeholders in the shopping ecosystem.”
Shift4 has reported a net income of $139.3m for the fourth quarter of 2024. Its annual profit stood at $294.5m, up from $122.9m in 2023.
