Shift4 Payments has notified the Portuguese competition regulator of its acquisition of Global Blue. While the transaction is not expected to raise antitrust concerns, this is one of the regulatory approvals the parties need to close the deal.
Shift4 Payments, Inc. (NYSE: FOUR), a leading provider of integrated payment processing and technology solutions, announced on February its acquisition of Global Blue Group Holding AG (NYSE: GB). The acquisition, valued at approximately $2.5 billion, enhances Shift4’s global commerce capabilities and extends its reach to over 400,000 retail and hospitality locations worldwide.
Strategic Expansion and Synergies
This acquisition strengthens Shift4’s unified commerce platform by integrating Global Blue’s tax-refund and currency conversion technology, which is widely used by luxury retailers across Europe, Asia, and South America. Shift4 aims to leverage this integration to create new revenue opportunities and expand its global market presence.
According to Taylor Lauber, President of Shift4, “This acquisition continues a bold tradition of introducing transformative capabilities to exceptional customers along with a massive embedded cross-sell opportunity. It fits perfectly in the Shift4 playbook: delivering an enormous volume conversion opportunity while unlocking significant new revenue opportunities and capabilities that open entirely new markets for us.“
Key Transaction Details
Under the agreement, Shift4 will acquire Global Blue at $7.50 per share in cash, representing a 15% premium to Global Blue’s closing share price as of February 14, 2025. The transaction has been unanimously approved by both companies’ boards and is expected to close by Q3 2025, pending regulatory approvals and customary closing conditions.
Additionally, Ant International and Tencent, key shareholders of Global Blue, have expressed their commitment to maintaining their investment in the combined entity and exploring strategic partnerships with Shift4. These partnerships will enhance Shift4’s global e-commerce payment products, including the distribution of Alipay+ and Weixin Pay within its ecosystem.
Financial and Regulatory Aspects
Shift4 plans to finance the acquisition using cash reserves and a $1.795 billion bridge loan facility. Goldman Sachs & Co. LLC is serving as Shift4’s exclusive financial advisor, while J.P. Morgan Securities LLC and Deutsche Bank Securities are among the financial advisors for Global Blue.
