Shift4 Payments, Inc. (FOUR) entered a merger agreement on February 18, 2025, to acquire Global Blue Group Holding AG (GB) in a deal valued at $2.5 billion.
Under the terms of the agreement, Shift4 intends to acquire Global Blue for $7.50 per common share in cash, through a tender offer and a subsequent statutory squeeze-out merger, representing a 20.39% premium from the stock’s last close.
Global Blue is a technology-driven company that provides tax-free shopping, payment solutions, and post-purchase services, connecting retailers, acquirers, and travelers across 52 countries. With over 40 years of expertise, it offers VAT refund services, currency conversion, and digital retail solutions to enhance the shopping experience.
Shift4 is a provider of integrated payment processing and commerce technology, handling billions of transactions annually across various industries. It offers omni-channel payment solutions, POS systems, business intelligence tools, and eCommerce services to streamline and secure global commerce. CEO Jared Isaacman has been appointed by President Donald Trump to lead NASA.
The acquisition will provide Shift4 access to Global Blue’s tax-free shopping and payments technology, strengthening its presence in Europe, Asia, and South America.
Ant International and Tencent, both existing investors in Global Blue, plan to remain shareholders in the merged company.
Once the deal is complete, expected in the third quarter of 2025, Global Blue’s common and preferred stock will no longer be traded on any public stock exchange. Warrant holders will have the opportunity to exercise their warrants before they expire in August 2025.
Shift4 plans to fund the acquisition using cash on hand and a 364-day, $1.8 billion bridge loan secured for the transaction.
Global Blue received financial advisory services from J.P. Morgan Securities, Deutsche Bank Securities, IFBC, Oppenheimer, PJT Partners, and UBS, with legal counsel from Simpson Thacher & Bartlett and Niederer Kraft Frey. Meanwhile, Shift4 was advised financially by Goldman Sachs and received legal counsel from Latham & Watkins and Loyens & Loeff.
Shift4 is paying 3.37 times the sales for Global Blue.
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Editor’s Note: Baranjot Kaur contributed to this article