Credit Agricole owns 7% stake in Worldline – 01/22/2024 at 08:10

Crédit Agricole announced on Monday the acquisition of a minority stake in the capital of payments group Worldline, an investment that is part of a continuation of the strategic partnership between the two groups.

The second French bank in terms of market capitalization thus holds a 7% stake in Worldline.

The bank said in a press release, “(…) this operation demonstrates the Crédit Agricole group’s desire to support Worldline’s growth and implement its strategy as a leading European player in the payments market.

Crédit Agricole and Worldline announced the start of exclusive negotiations to form a joint venture specializing in payment services for merchants in France in 2023.

The French bank also said preliminary work on the formation of a joint venture between the two groups is progressing according to the announced timetable, with an operational launch in 2024.

Worldline, for its part, welcomes the acquisition of Crédit Agricole’s stake in its capital, which reflects, according to the group, “a shared vision of the strategic evolution of the European payments market”.

Reuters reported last week that Worldline, which issued a profit warning in October and whose share price is at an all-time low, had sought advice from bankers on a defense strategy to reassure shareholders and avoid a hostile takeover.

(Written by Diana Mandia)