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.
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.
Banking 4.0 – „how was the experience for you”
„So many people are coming here to Bucharest, people that I see and interact on linkedin and now I get the change to meet them in person. It was like being to the Football World Cup but this was the World Cup on linkedin in payments and open banking.”
Many more interesting quotes in the video below: