BUSINESS

Worldline buys out Cardlink

worldline-buys-out-cardlink

Quest Group has agreed to sell Cardlink, its Greek network service provider (NSP) and card payment network, to French group Worldline.

The deal was announced on Friday and provides for the sale of 92.75% of the company to Worldline, with Cardlink CEO Giorgos Drimiotis retaining a 7.5% stake and remaining in his post. The agreement also includes Cardlink One, the licensed payment branch which along with Cardlink “is evolving today into an high-technology autonomous market that secures the interest of large international companies,” according to Quest. Worldline will pay €130 million for the transaction, both companies announced.

This is a strategic opportunity for the expansion of Worldline’s commercial services, as Cardlink boasts an enterprise value of €155 million and is expected to fetch revenues of €40 million per year. Quest estimates its divestment will secure it capital gains of some €87 million – i.e. 15 times the original investment in less than seven years.

This transaction follows the Piraeus Bank agreement with Euronet Worldwide for 100% of the lender’s card payment services costing €300 million.