Crédit Agricole announced on Monday its entry as a “long-term minority shareholder” in the capital of the payments specialist Worldline, which has been battered on the stock market for several months, with 7% of the shares.
Crdit Agricole, which signed a strategic partnership in July in the field of payment services for merchants with the former Atos subsidiary, said in a press release that it wanted to support the development of Worldline and (…) enable it to implement its strategy as a leading European player in the payments market.
Often considered a technology company by investors, Worldline took advantage of the street in this sector in 2020 to see its stock market valuation double in around ten months.
But since then, the rise in interest rates, lower cash generation, some spectacular breakdowns and difficulties in Germany – an essential market for the company – have caused the price of this former subsidiary of Atos, independent since 2019, to plunge. .
Last October, Worldline shares lost nearly 60% in one day after a downward revision of annual targets, and the company was removed from the CAC 40 at the beginning of December, while rumors of an arrival of the Crédit Agricole to the rescue.
At 13.12 euros on Friday evening, the stock was down 67% over one year.
With this operation, the Crdit Agricole group reaffirms its confidence in its partner: a solid franchise, leading technologies and recognized innovation capabilities, serving its customers, the banking group commented on Monday.
Crdit Agricole SA intends to continue working as a long-term minority shareholder, fully committed to Worldline, he stressed.
Invest in Scholarship at the best price ! 7 offers compared
The green bank did not provide figures, but its investment was worth some 260 million euros as of Friday evening.
The acquisition of a stake in Worldline demonstrates a shared vision of the strategic evolution of the European payments market and the importance of this partnership, as well as the quality of the payment solutions that Worldline offers its merchant and banking customers, responded Worldline in a separate press release.
The two companies want to create a joint venture with the ambition of creating a major player in payment services to merchants in France. This should be launched this year, as soon as the regulatory authorizations necessary to start its activity have been obtained, according to Crédit Agricole.