Sorainen is advising French payments company Worldline on the acquisition of payment processors First Data Lietuva, First Data Latvia, and First Data Eesti (together “First Data Baltics”). Worldline, a European leader in the payments and transactional services industry employing over 8,700 people worldwide and with estimated yearly revenue of approx EUR 1.5 billion, signed an agreement with First Data Corporation to acquire its Baltic subsidiaries for approx EUR 73 million. The deal is expected to close in the third quarter of 2017.
Having generated revenue of approx EUR 23 million in 2016, First Data Baltics currently employs approx 200 employees and is the leading financial processor in the Baltics, providing a broad range of outsourcing services to the main Baltic banking groups and also to some banks in the wider Nordic region.
As Gilles Grapinet, Worldline CEO, notes: “The acquisition of First Data Baltics is a significant development for our Group to accelerate the execution of our Pan-European consolidation strategy in Financial Processing services. In one transaction, we gain a leading position in the fast-developing countries of Latvia, Lithuania and Estonia, we reinforce our group capabilities in the north of Europe and will establish new relationships with numerous prestigious Baltic and Nordic banks.”
Sorainen is advising on Baltic aspects of the transaction. The Sorainen team, led by partner Toomas Prangli, includes senior associates Juulika Aavik, Jânis Bite, Viktorija Smirnova-Čerkasa, with associates Artur Drapeko and Toms Vilnis.