Worldline (Euronext: WLN), a leading Payments company, announced on Thursday that it has completed the Acquisition of Cardlink SA, a Greek network service provider.
This acquisition came as a part of Worldline’s broader European consolidation strategy. But, it did not come as a surprise as the two companies signed an agreement of acquisition last May.
Worldline has purchased a 92.5 percent stake in Cardlink.
A Local Payments Leader
Founded in 2004, Cardlink is a well-known name in the Greek market. The company has a fleet of above 240,000 Point of Sale fleet, covering 46 percent of the local market, and manages around 500 million transactions a year, which is the market share of 53 percent merchant sales volume. It is also serving more than 10,000 online merchants.
Furthermore, Cardlink maintained an excellent relationship with Greek banks, including Alpha Bank and Eurobank, which can be considered the backbone of such payment infrastructure business.
With the completion of the acquisition, Worldline has entered the high potential Greek market that is quickly shifting from cash to card and electronic payment adoption.
The new parent company of Cardlink is now considering developing its partnerships with local acquiring banks and allowing access to Worldline’s services portfolio to other existing Greek customers.
Moreover, the official announcement detailed that Cardlink CEO George Drimiotis will remain CEO and a shareholder of the company. Furthermore, he will be responsible for overseeing the development of all Worldline’s activities in Greece.
“The acquisition of Cardlink is a significant development in our Group consolidation strategy in Europe, extending our merchant services activities towards the South of Europe,” the Worldline Chairman and CEO, Gilles Grapinet said earlier. “This transaction offers attractive development opportunities for Worldline in the coming years and a strong footprint to further expand Cardlink’s presence in Greece.”
