Worldline Completes the Sale of MeTS to Magellan Partners
Worldline announced on Monday the completion of the sale of its Mobility & e-Transactional Services (MeTS) division to Magellan Partners Group. The transaction generated net revenues of 280 million euros, in line with estimates, and is part of the execution of its North Star 2030 strategic plan focusing on payments in Europe.
A Sale Valued at 400 Million Euros in Enterprise Value
Worldline has finalized the sale of the MeTS perimeter to Magellan Partners Group, a French and European company specializing in consulting and technology. The enterprise value of the transaction amounts to 400 million euros, with a net cash product of approximately 280 million euros. The difference of 120 million euros between the enterprise value and the net product is attributable to the costs of separating the perimeter, retirement commitments, other debt-like items, and capital gains tax. The amount also excludes about 40 million euros of cash held by the divested entity.
An Operationally Framed Transition
Worldline will continue to provide certain technological and software services to Magellan Partners Group to ensure operational continuity during a transition period. This service clause accompanies the group's refocusing on its core business of payments in Europe.
A Milestone in a Broader Divestiture Program
The completion of the MeTS sale is part of a broader divestiture program that also includes the North America division, Cetrel, PaymentIQ, Worldline Merchant Services India, Worldline New Zealand, and ANZ Worldline Payment Solutions Australia. The entire program is expected to generate between 590 million euros and 640 million euros in net proceeds, with funds anticipated by 2026. These resources are intended to strengthen the group's financial profile and support the redeployment of capital towards priority activities.
