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- Global Blue, a Europe and APAC-based business partner for the shopping journey, and Shift4, a US-leader in integrated payments and commerce technology, have entered into a definitive agreement under which Shift4 will acquire 100% of Global Blue shares<\/b><\/li>\n
- Both companies power billions of transactions annually and aim to provide mission-critical merchant solutions that simplify complex shopping journeys. The combination will create a global leader in commerce and shopping technologies, with a footprint in over 50 countries, serving several hundred thousand of retail and hospitality locations<\/b><\/li>\n
- Under the terms of the agreement, Shift4 intends to acquire Global Blue common shares for $7.50 per share<\/b><\/li>\n
- Closing is expected to take place by the third quarter of calendar year 2025<\/b><\/li>\n<\/ul>\n
SIGNY, Switzerland–(BUSINESS WIRE<\/a>)–Shift4, a leader in integrated payments and technology<\/b><\/p>\n
\nShift4 is a global leader in financial technology with a track record in the industry for more than 25 years<\/b>. It provides a wide range of integrated payment technologies<\/b> to the retail and hospitality sectors, processing billions of in-person and online transactions. Through its best-in-class technology, Shift4 is simplifying complex payment journeys<\/b> and changing the way the world experiences commerce. Beyond technology, Shift4 supports over 200,000 clients with advisory services<\/b>, like business intelligence, revenue optimization and fraud prevention.\n<\/p>\n
A common vision and complementary assets with Global Blue<\/b><\/p>\n
\nBoth companies share the same vision of simplifying consumer experiences through integrated technology and advisory services<\/b>, reinforced by long-lasting partnerships and a culture of operational excellence, in the retail and hospitality industries.\n<\/p>\n
\nSimilar to Shift4, Global Blue aims to simplify complex consumer journeys across more than 400,000 retail and hospitality locations(1)<\/sup> by offering its technology platform that enables Tax Free Shopping, Dynamic Currency Conversion and e-Commerce Post-Purchase businesses<\/b>. Global Blue also supports partners via consulting services in Business Intelligence, Digital Marketing and Training.\n<\/p>\n
Shift4 and Global Blue also have a highly complementary geographic footprint<\/b>. Shift4 has a large presence in the US and an expanding international footprint, while Global Blue operates across 52 countries in Europe, APAC and Latin America. The combination of the two companies will create a global leader in integrated technologies for the payment and shopping journey.\n<\/p>\n
The acquisition of Global Blue by Shift4 will also bring together two experienced teams, with a shared entrepreneurial spirit<\/b>. Both teams will work together to create new growth opportunities through product expansion into new markets, cross selling and product innovation.\n<\/p>\n
\n\u201cJoining forces with Shift4 marks a significant milestone in Global Blue\u2019s growth journey, further strengthening our integrated value proposition for our marquee merchants worldwide. We are particularly thrilled to partner with Shift4 to continue our track record of innovation, delivering enhanced experiences for all stakeholders in the shopping ecosystem,\u201dsaid Global Blue CEO Jacques Stern.<\/b> \u201cI would like to thank all Global Blue team members, without whom the success of Global Blue would not have been possible. Additionally, I extend my gratitude to Joe Osnoss, representative of Silver Lake on the Board, for his continuous support and guidance over the last 10 years.\u201d<\/i><\/p>\n
Shift4 CEO Taylor Lauber <\/b>said \u201cWe are incredibly excited for the opportunity to welcome Jacques and the Global Blue team into the Shift4 family. This transaction is the most significant in our 26 years of history and with good reason. The Global Blue technology stack, marquee customers and industry leading position will serve as a cornerstone for our global expansion strategy and gives us meaningful scale in many new geographies. Boldly Forward!\u201d<\/i><\/p>\n
Transaction details<\/b><\/p>\n
\nUnder the terms of the definitive agreement, Shift4 intends to acquire Global Blue for $7.50 per common share in cash, representing a 15% premium to Global Blue\u2019s closing share price as of February 14, 2025, through a tender offer and a subsequent statutory merger. Shift4 intends to acquire Global Blue\u2019s Series A Preferred shares at $10.00 per preferred share and Series B Preferred shares at $11.81 per preferred share.\n<\/p>\n
\nUpon completion of the transaction, Global Blue\u2019s common and preferred stock will no longer be listed on any public stock exchange. Global Blue warrant holders will be able to exercise their warrants, ahead of their maturity in August 2025.\n<\/p>\n
\nThe acquisition has been unanimously approved by the boards of directors of Shift4 and Global Blue, and the board of directors of Global Blue has unanimously resolved that it will recommend to the Global Blue shareholders to accept the tender offer. The transaction is expected to close by the third quarter of calendar year 2025, subject to regulatory approvals, other customary closing conditions, and a minimum tender of 90% of Global Blue\u2019s issued and outstanding common shares and preferred shares on a combined basis. Certain Global Blue shareholders have entered into tender and support agreements, pursuant to which such shareholders agreed, among other things, to tender their shares in the tender offer subject to the terms and conditions of such agreements. Shift4 expects to finance the acquisition with cash on hand and a 364-day $1,795 million bridge loan facility entered in connection with the transaction.\n<\/p>\n
Tom Farley, Chairman of Global Blue<\/b>, on behalf of the existing board of directors including representatives of Silver Lake, Partners Group, Certares and Knighthead, said: \u201cWe are pleased to unanimously recommend the transaction, which we believe will deliver significant, immediate and certain value to Global Blue\u2019s shareholders. More broadly, we firmly believe that this transaction is in the best interests of our employees, customers and stakeholders, ensuring continued growth and innovation under new ownership.\u201d<\/i><\/p>\n
Joe Osnoss, Global Blue Board member and a Managing Partner at Silver Lake<\/b>, added, \u201cWe are grateful to Global Blue\u2019s management team and employees for their unwavering commitment to developing Global Blue into what it is today. We especially appreciate Jacques Stern\u2019s decade of stewardship as CEO, during which the company accelerated its technology leadership, posted significant merchant wins, increased its digital value proposition for consumers and doubled profits. We look forward to seeing the company continue to thrive in its next chapter.”<\/i><\/p>\n
Preliminary figures for Q3 FY24\/25<\/b><\/p>\n
\nOn the occasion of the announced transaction, Global Blue is releasing its preliminary Q3 FY24\/25 financial results and the Last Twelve Months figures, which show significant improvements across all key metrics.\n<\/p>\n
Q3 FY24\/25 financial performance<\/b><\/p>\n
\nThe Group is expecting to deliver a 20% YoY increase in Revenue to \u20ac131m and a 31% YoY increase in Adjusted EBITDA to \u20ac52m(2)<\/sup>. The increase in Adjusted EBITDA implied an improvement in margin of 3.4pts to 39.7% with a 56% drop-through.\n<\/p>\n
Last Twelve Months as of December 31st<\/sup> 2024 financial performance<\/b><\/p>\n
\nThe Tax Free Shopping and Payments Completed Sales-in-Store highlight a continued positive trend, reaching \u20ac29.9b and representing a 23% YoY increase. The Group is therefore expecting to deliver a 20% YoY increase in Revenue to \u20ac486m and a 38% YoY increase in Adjusted EBITDA to \u20ac188m(2)<\/sup>. The increase in Adjusted EBITDA implied an improvement in margin of 5pts to 38.6% with a 63% drop-through.\n<\/p>\n
\nGlobal Blue\u2019s preliminary financial results for Q3 FY24\/25 and the Last Twelve Months ended December 31, 2024 are not yet finalized and are subject to change. The information above represents Global Blue\u2019s estimates for Q3 FY24\/25 and the Last Twelve Months ended December 31, 2024, which are based only on currently available information and do not present all necessary information for an understanding of Global Blue\u2019s results of operations and financial condition for such periods.\n<\/p>\n
- Both companies power billions of transactions annually and aim to provide mission-critical merchant solutions that simplify complex shopping journeys. The combination will create a global leader in commerce and shopping technologies, with a footprint in over 50 countries, serving several hundred thousand of retail and hospitality locations<\/b><\/li>\n
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