Worldpay is owned by Advent International Corp. and Bain Capital. The two firms bought Worldpay from Royal Bank of Scotland Plc for GBP 1.7 billion in 2010. Wirecard is competing with private equity firms Blackstone Group and Hellman & Friedman, whichh launch a joint bid to purchase the UK payments processor.
The UK payment firm is also planning an Initial Public Offering (IPO), with the processors being valued at GBP 6 billion (USD 9.4 billion), which is 17 times more than its projected earnings, according to an inside source.
Worldpay has recently been making a number of changes to its managerial structure. Sir Michael Rake, former Barclays Plc deputy chairman, has joined the payment processor as its new chairman in order to assist with the firms IPO. According to Bloomberg, cited by teh source, Worldpay executives are yet to make a final decision about its future.
With two bids being made for the company, Advent and Bain may ultimately decide to not sell it and instead oversee its IPO. In 2014, the company announced it made GBP 375 million Ebitda, with revenue of GBP 3.6 billion. Wirecard has increased its profit tenfold and made EUR 108 million in 2014.
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