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4-Traders Homepage  >  Equities  >  Euronext Paris  >  Ingenico Group    ING   FR0000125346

INGENICO GROUP (ING)
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Payments firm Ingenico to buy rival Bambora for 1.5 billion euros

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07/20/2017 | 12:38pm CET

French payments specialist Ingenico (>> Ingenico Group) is to buy Stockholm-based rival Bambora from Nordic Capital for 1.5 billion euros (1.31 billion pounds) in the latest deal in the sector.

French payments specialist Ingenico (>> Ingenico Group) is to buy Stockholm-based rival Bambora from Nordic Capital for 1.5 billion euros (1.31 billion pounds) in the latest deal in the sector.

Payments firms have become targets for credit card companies and banks seeking to capitalise on a switch from cash transactions to paying by smartphone or other mobile devices.

Ingenico shares jumped 10 percent shortly after the opening of the Paris stock exchange. The stock was up almost 8 percent at 88.82 euros at 0915 GMT.

The acquisition of Bambora, which had gross revenues of 202 million euros in 2016, would lift Ingenico's earnings and lead to other benefits, Ingenico said in a statement on Thursday.

Ingenico's takeover of Bambora follows a move this month by credit card processor Vantiv (>> Vantiv Inc) to buy Worldpay (>> Worldpay Group) for 7.7 billion pounds ($10 billion).

French payments company Worldline (>> Worldline) also said this month it had agreed to buy Swedish peer Digital River World Payments.

"Bambora will enhance our customer-centric approach and will reinforce our online and in-store positioning through a perfect complementarity," said Ingenico Chairman and Chief Executive Philippe Lazare.

Private equity firm Nordic Capital launched Bambora in 2015 after acquiring a number of separate payment companies over the previous year.

The deal will increase Ingenico's availability online and in stores in the Nordics, North America and Australia, said Bryan Garnier analyst Richard-Maxime Beaudoux said, who has a "Buy" recommendation on the stock.

Ingenico said the deal would be financed through available cash and debt. Its financial leverage would remain below 3 times EBITDA leaving Ingenico flexibility for future M&A.

Lazare told analysts on a call future M&A targets might concern payments through Android phones.

Ingenico, which also reported higher first-half profits and sales on Thursday, expected the Bambora takeover to boost its earnings per share by around 5 percent by 2018 and said it hoped to close the deal by the end of 2017.

(Additional reporting by Wout Vergauwen; Editing by Greg Mahlich/Keith Weir)

By Camille Raynaud and Sudip Kar-Gupta

Stocks treated in this article : Ingenico Group, Vantiv Inc, Worldline, Worldpay Group
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Financials (€)
Sales 2017 2 481 M
EBIT 2017 427 M
Net income 2017 266 M
Debt 2017 269 M
Yield 2017 1,74%
P/E ratio 2017 21,38
P/E ratio 2018 18,52
EV / Sales 2017 2,39x
EV / Sales 2018 2,10x
Capitalization 5 656 M
Chart INGENICO GROUP
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Technical analysis trends INGENICO GROUP
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Mean consensus OUTPERFORM
Number of Analysts 21
Average target price 94,9 €
Spread / Average Target 4,7%
EPS Revisions
Managers
NameTitle
Philippe Lazare Chairman, President & Chief Executive Officer
Nathalie Lomon Chief Financial Officer, EVP-Finance & Legal
Xavier Moreno Independent Non-Executive Director
Elie Vannier Independent Non-Executive Director
Diaa Elyaacoubi Independent Non-Executive Director
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