Shift4 to acquire Global Blue: A New Strategic Milestone
Shift4 has entered into a definitive agreement to acquire Global Blue for $7.50 per common share, representing a 15% premium to Global Blue's closing share price as of February 14, 2025. The transaction, expected to close by Q3 2025, will create a global leader in commerce and shopping technologies with presence in over 50 countries.
The combined entity will serve several hundred thousand retail and hospitality locations. Global Blue's preliminary Q3 FY24/25 results show strong performance with a 20% YoY revenue increase to €131m and 31% YoY Adjusted EBITDA growth to €52m. Last Twelve Months figures indicate a 20% YoY revenue increase to €486m and 38% YoY Adjusted EBITDA growth to €188m.
The acquisition has received unanimous approval from both companies' boards of directors and will be financed through cash on hand and a 364-day $1,795 million bridge loan facility.
Shift4 ha stipulato un accordo definitivo per acquisire Global Blue a $7,50 per azione comune, rappresentando un premio del 15% rispetto al prezzo di chiusura delle azioni di Global Blue al 14 febbraio 2025. La transazione, prevista per chiudere entro il terzo trimestre del 2025, creerà un leader globale nelle tecnologie per il commercio e lo shopping, con una presenza in oltre 50 paesi.
La nuova entità servirà diverse centinaia di migliaia di punti vendita e strutture ricettive. I risultati preliminari del terzo trimestre dell'anno fiscale 2024/2025 di Global Blue mostrano una forte performance, con un incremento del 20% dei ricavi anno su anno, raggiungendo €131 milioni, e una crescita del 31% dell'EBITDA rettificato, pari a €52 milioni. I dati degli ultimi dodici mesi indicano un aumento del 20% dei ricavi anno su anno, per un totale di €486 milioni, e una crescita dell'EBITDA rettificato del 38%, arrivando a €188 milioni.
L'acquisizione ha ricevuto l'approvazione unanime dai consigli di amministrazione di entrambe le aziende e sarà finanziata attraverso liquidità disponibile e un prestito ponte di $1.795 milioni della durata di 364 giorni.
Shift4 ha firmado un acuerdo definitivo para adquirir Global Blue por $7.50 por acción común, lo que representa una prima del 15% sobre el precio de cierre de las acciones de Global Blue al 14 de febrero de 2025. Se espera que la transacción se cierre para el tercer trimestre de 2025, creando un líder global en tecnologías de comercio y compras con presencia en más de 50 países.
La entidad combinada atenderá a varios cientos de miles de puntos de venta y locales de hospitalidad. Los resultados preliminares de Global Blue para el tercer trimestre del año fiscal 24/25 muestran un sólido desempeño con un aumento del 20% en los ingresos interanuales, alcanzando los €131 millones, y un crecimiento del 31% en el EBITDA ajustado, que asciende a €52 millones. Las cifras de los últimos doce meses indican un incremento del 20% en los ingresos interanuales, totalizando €486 millones, y un crecimiento del 38% en el EBITDA ajustado, llegando a €188 millones.
La adquisición ha recibido la aprobación unánime de los consejos de administración de ambas empresas y se financiará a través de efectivo disponible y una línea de crédito puente de $1,795 millones a 364 días.
Shift4는 Global Blue를 주당 $7.50에 인수하기 위한 최종 계약을 체결했습니다. 이는 2025년 2월 14일 기준 Global Blue의 종가에 비해 15%의 프리미엄을 나타냅니다. 이번 거래는 2025년 3분기까지 마무리될 것으로 예상되며, 50개 이상의 국가에서 상거래 및 쇼핑 기술 분야의 글로벌 리더를 창출하게 됩니다.
합병된 기업은 수십만 개의 소매 및 환대 장소에 서비스를 제공할 것입니다. Global Blue의 2024/25 회계연도 3분기 예비 결과는 연간 20%의 수익 증가로 €131m에 이르며, 조정 EBITDA는 연간 31% 증가하여 €52m에 달하는 강력한 성과를 보여줍니다. 최근 12개월 동안의 수치는 연간 20%의 수익 증가로 €486m에 이르고, 조정 EBITDA는 연간 38% 증가하여 €188m에 이릅니다.
이번 인수는 양사 이사회의 만장일치 승인을 받았으며, 보유 현금 및 364일 만기 $1,795백만의 교량 대출을 통해 자금을 조달할 예정입니다.
Shift4 a conclu un accord définitif pour acquérir Global Blue au prix de 7,50 $ par action ordinaire, représentant une prime de 15 % par rapport au prix de clôture de l'action de Global Blue au 14 février 2025. La transaction, qui devrait se clôturer d'ici le troisième trimestre 2025, créera un leader mondial dans les technologies de commerce et de shopping, avec une présence dans plus de 50 pays.
L'entité combinée servira plusieurs centaines de milliers de points de vente et d'établissements hôteliers. Les résultats préliminaires de Global Blue pour le troisième trimestre de l'exercice 2024/25 montrent une forte performance avec une augmentation de 20 % des revenus d'une année sur l'autre, atteignant 131 millions d'euros, et une croissance de 31 % de l'EBITDA ajusté, s'élevant à 52 millions d'euros. Les chiffres des douze derniers mois indiquent une augmentation de 20 % des revenus d'une année sur l'autre, totalisant 486 millions d'euros, et une croissance de 38 % de l'EBITDA ajusté, atteignant 188 millions d'euros.
L'acquisition a reçu l'approbation unanime des conseils d'administration des deux entreprises et sera financée par des liquidités disponibles ainsi qu'un prêt relais de 1,795 milliard de dollars d'une durée de 364 jours.
Shift4 hat eine endgültige Vereinbarung getroffen, Global Blue für 7,50 $ pro Stammaktie zu erwerben, was einem Aufschlag von 15 % auf den Schlusskurs der Global Blue-Aktie am 14. Februar 2025 entspricht. Die Transaktion, die voraussichtlich im dritten Quartal 2025 abgeschlossen wird, wird einen globalen Marktführer im Bereich Handels- und Einkaufstechnologien schaffen, der in über 50 Ländern vertreten ist.
Die kombinierte Einheit wird mehrere Hunderttausend Einzelhandels- und Gastgewerbe-Standorte bedienen. Die vorläufigen Ergebnisse von Global Blue für das dritte Quartal des Geschäftsjahres 2024/25 zeigen eine starke Leistung mit einem Umsatzanstieg von 20 % im Jahresvergleich auf 131 Millionen € und einem Anstieg des bereinigten EBITDA um 31 % im Jahresvergleich auf 52 Millionen €. Die Zahlen der letzten zwölf Monate weisen einen Umsatzanstieg von 20 % im Jahresvergleich auf 486 Millionen € und ein bereinigtes EBITDA-Wachstum von 38 % im Jahresvergleich auf 188 Millionen € aus.
Die Akquisition wurde einstimmig von den Vorständen beider Unternehmen genehmigt und wird durch vorhandene Liquidität sowie eine 364-tägige Brückenfinanzierung über 1.795 Millionen $ finanziert.
- 15% premium offered to current share price
- 20% YoY revenue growth to €131m in Q3 FY24/25
- 31% YoY increase in Adjusted EBITDA to €52m
- 38.6% Adjusted EBITDA margin for LTM
- Geographic expansion to over 50 countries
- Significant debt financing required ($1,795M bridge loan)
- Complex regulatory approval process pending
- Integration risks across multiple geographies
Insights
This strategic acquisition marks a transformative moment in the global payments technology landscape. The
Global Blue's financial performance demonstrates remarkable operational efficiency, with an Adjusted EBITDA margin expansion of
The strategic rationale is compelling for several reasons:
- Geographic Complementarity: Shift4 gains immediate scale in Europe and APAC, while Global Blue benefits from Shift4's strong US presence
- Technology Integration: The combination of Global Blue's tax-free shopping and currency conversion capabilities with Shift4's payment processing creates a comprehensive offering
- Cross-selling Opportunities: The merged entity can leverage relationships with 600,000+ combined merchant locations
- Market Positioning: The deal strengthens competitive position against both traditional payment processors and fintech disruptors
However, key execution challenges need to be monitored:
- Integration Complexity: Merging different technology stacks and operational processes across multiple jurisdictions
- Regulatory Hurdles: The transaction requires approvals in multiple jurisdictions, potentially affecting timeline
- Debt Management: The bridge loan facility will need to be refinanced or paid down, impacting capital allocation strategy
The
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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 acquire100% of Global Blue shares - 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
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Under the terms of the agreement, Shift4 intends to acquire Global Blue common shares for
$7.50 - Closing is expected to take place by the third quarter of calendar year 2025
SIGNY,
Shift4 is a global leader in financial technology with a track record in the industry for more than 25 years. It provides a wide range of integrated payment technologies 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 and changing the way the world experiences commerce. Beyond technology, Shift4 supports over 200,000 clients with advisory services, like business intelligence, revenue optimization and fraud prevention.
A common vision and complementary assets with Global Blue
Both companies share the same vision of simplifying consumer experiences through integrated technology and advisory services, reinforced by long-lasting partnerships and a culture of operational excellence, in the retail and hospitality industries.
Similar to Shift4, Global Blue aims to simplify complex consumer journeys across more than 400,000 retail and hospitality locations(1) by offering its technology platform that enables Tax Free Shopping, Dynamic Currency Conversion and e-Commerce Post-Purchase businesses. Global Blue also supports partners via consulting services in Business Intelligence, Digital Marketing and Training.
Shift4 and Global Blue also have a highly complementary geographic footprint. Shift4 has a large presence in the US and an expanding international footprint, while Global Blue operates across 52 countries in
The acquisition of Global Blue by Shift4 will also bring together two experienced teams, with a shared entrepreneurial spirit. Both teams will work together to create new growth opportunities through product expansion into new markets, cross selling and product innovation.
“Joining forces with Shift4 marks a significant milestone in Global Blue’s 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,” said Global Blue CEO Jacques Stern. “I 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.”
Shift4 CEO Taylor Lauber said “We 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!”
Transaction details
Under the terms of the definitive agreement, Shift4 intends to acquire Global Blue for
Upon completion of the transaction, Global Blue’s 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.
The 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
Tom Farley, Chairman of Global Blue, on behalf of the existing board of directors including representatives of Silver Lake, Partners Group, Certares and Knighthead, said: “We are pleased to unanimously recommend the transaction, which we believe will deliver significant, immediate and certain value to Global Blue’s 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.”
Joe Osnoss, Global Blue Board member and a Managing Partner at Silver Lake, added, “We are grateful to Global Blue’s management team and employees for their unwavering commitment to developing Global Blue into what it is today. We especially appreciate Jacques Stern’s 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."
Preliminary figures for Q3 FY24/25
On 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.
Q3 FY24/25 financial performance
The Group is expecting to deliver a
Last Twelve Months as of December 31st 2024 financial performance
The Tax Free Shopping and Payments Completed Sales-in-Store highlight a continued positive trend, reaching
Global Blue’s 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’s 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’s results of operations and financial condition for such periods.
€M |
For the three months
|
For the twelve months
|
|||
Profit for the period |
33.9 |
73.5 |
|||
Profit margin (%) |
|
|
|||
Income Tax Expense |
12.3 |
40.3 |
|||
Net Finance Costs |
13.9 |
57.3 |
|||
Exceptional Items(3) |
(21.9) |
(35.9) |
|||
Depreciation & Amortization |
14.0 |
52.6 |
|||
Adjusted EBITDA |
52.2 |
187.8 |
|||
Adjusted EBITDA Margin (%) |
|
|
Advisors
Goldman Sachs & Co. LLC is acting as financial advisor to Shift4, Latham & Watkins LLP is acting as legal counsel, and Loyens & Loeff is acting as Swiss counsel.
J.P. Morgan Securities LLC is acting as lead financial advisor for Global Blue, Deutsche Bank Securities, IFBC, Oppenheimer & Co. Inc., PJT Partners, and UBS are acting as financial advisors (in alphabetical order), and Simpson Thacher & Bartlett LLP and Niederer Kraft Frey Ltd are acting as legal counsel.
For further information regarding all terms and conditions contained in the definitive agreement, please see Global Blue's Current Report on Form 6-K, which will be filed in connection with the transaction.
About Global Blue
Global Blue is the business partner for the shopping journey, providing technology and services to enhance the experience and drive performance.
With over 40 years of expertise, today we connect thousands of retailers, acquirers, and hotels with nearly 80 million consumers across 52 countries, in three industries: Tax Free Shopping, Payments and Post-Purchase solutions.
With over 2,000 employees, Global Blue generated
For more information, please visit www.globalblue.com
(1) Active merchants definition per 20-F
(2) Please see the table on page 4, which provides a reconciliation between Profit and Adjusted EBITDA
(3) Exceptional Items consist of items which Global Blue does not consider indicative of its ongoing operating and financial performance, not directly related to ordinary business operations and which are not included in the assessment of management performance
About Shift4
Shift4 (NYSE: FOUR) is boldly redefining commerce by simplifying complex payments ecosystems across the world. As the leader in commerce-enabling technology, Shift4 powers billions of transactions annually for hundreds of thousands of businesses in virtually every industry. For more information, visit shift4.com.
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Media Contacts
Virginie Alem – SVP Marketing & Communications
Mail: valem@globalblue.com
Investor Relations Contacts
Frances Gibbons – Head of Investor Relations
Mob: +44 (0)7815 034 212
Mail: fgibbons@globalblue.com
Source: Global Blue
FAQ
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