Vitale assisted Credito Emiliano S.p.A (“Credem”) in signing a strategic partnership in merchant acquiring activities in Italy with Worldline

13 November 2024 – Credem and Worldline have signed a long-term partnership agreement in digital payment services (merchant acquiring) and point of sale (POS) management.

The agreement includes the transfer of all of Credem's merchant acquiring activities for an upfront amount of 95 million euros (with a price-adjustment mechanism in the next years based on specific targets), as well as the signing of a long-term, up to 15 years, commercial agreement for the distribution of Worldline's products and services through Credem's network. 

The collaboration will cover the provision and management of the acquiring activities of more than 25,000 merchants with about 32,000 Pos, which in 2023 generated transactions of about 3 billion euros.

The operation is part of the Credem Group's strategy aiming at steadily developing its offer to merchant customers with transactional and digital services, from point-of-sale payments to e-commerce and mobile payments. The deal will significantly enhance the bank's territorial presence and customer relations.

Worldline's international expertise and ability to innovate will create value for the customers, who will benefit from tailor made solutions and better shopping experience to support their business growth. This agreement will enable Credem to maintain high service standards by participating together with Worldline in defining the business strategy towards customers for the duration of the agreement. 

The agreement is subject to the approvals of the competent authorities including the authorization of the Bank of Italy and closing is expected in 2025 with a cash out for Worldline of c.75 million euros

Vitale acted as financial advisor to Credem.

€95m