Atos e-payments subsidiary Worldline aims for £500m IPO

Electronic payments group Worldline, a subsidiary of IT outsourcing group Atos, says it expects its initial public offering (IPO) to raise a total of €610 million (£500 million).

Share

Electronic payments group Worldline, a subsidiary of IT outsourcing group Atos, says it expects its initial public offering (IPO) to raise a total of 610 million (£500 million).

Worldline says it wants to use the funds raised to aid further European growth, although a large chunk of the cash raised will be retained by Atos.

Worldline intends to float 25 to 30 percent of its equity capital, with Worldline chief executive Gilles Grapinet putting the total value of the company at between 2 billion euros and 2.4 billion (£1.96 billion).

The company is selling 255 million-worth of new shares, and parent Atos is selling 355 million-worth of existing Worldline shares as part of the IPO.

The decision to float off Worldline was made by Atos last year, after it decided to concentrate on its core IT outsourcing business. Last month, Atos made a 620 million (£508 million) bid to acquire cybersecurity and high-performance computing company Bull.

The Worldline IPO will take place on 27 June. Grapinet said: “The IPO comes at a unique moment of opportunity for growth, thanks to the convergence of digital and mobile, the changes in the regulatory framework for the European payments sector, and shifts in strategy by many banks following the financial crisis."

The net proceeds from the issue of the newly issued shares, said Worldline, will be used for general corporate purposes - including repaying net amounts borrowed from the Atos group - and "pursuing organic and external growth opportunities".

Worldline will not receive any proceeds from the sale of existing shares by Atos.

"Recommended For You"

High-tech companies urged to float on London Stock Exchange Nasdaq faces £3.14 million penalty for Facebook IPO