Apollo Global Management Inc is nearing a deal to acquire the point-of-sale terminal business of European payments company Worldline for close to $2.3 billion, according to World Street Journal.
The proposed deal is the latest bet on the continued growth of digital payments. The New York-based buyout giant would acquire hardware that allows consumers to use their mobile phones and payment cards to make purchases.
A deal could be completed within days as Worldline seeks to move away from hardware to cloud-based payment services, says the WSJ, citing sources.
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The pandemic has accelerated the adoption of digital payments over cash among both consumers and businesses. In 2020 Worldline generated a proforma revenue of €4.8 billion but the terminal business has been hit by Covid-19 pandemic.
Apollo is a global, high-growth alternative asset manager. The company invests across Yield, Hybrid, and Equity markets, seeking to generate excess returns for investors across the full risk-reward spectrum. As of December 31, 2021, Apollo had approximately $498 billion of assets under management.
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