Latham & Watkins Advises Worldline on Apollo’s Proposed Acquisition of TSS

Latham & Watkins is advising Worldline, the European leader in payments services, on the proposed binding offer by Apollo funds to acquire its Terminals, Solutions & Services business (TSS). TSS is the world leading hardware solutions player in the payments infrastructure ecosystem. 

The offer, which values TSS at €2.3 billion, comprises a € 1.7 billion upfront consideration as well as preferred shares that could reach up to €900 million in value depending on the future value creation of TSS.  

The Latham team was led from Paris by corporate partners Pierre-Louis Cléro and Thomas Forschbach, counsel Bénédicte Large Bremond, associates Aymerick Fradin, Ornella Capillon and Rim Benzakour, with London partner Neil Campbell and London associate Allison Kramer. Advice was also provided on the partnership agreement cementing the strategic and long-term commercial relationship between Worldline and TSS and on the carve-out aspects by Paris partner Jean-Luc Juhan with Paris associates Sharon Mitz and Alex Park. Paris partner Xavier Renard with Paris counsel Cécile Mariotti and Paris associate Andréa Stapts advised on tax matters; and Paris partner Jacques-Philippe Gunther with Paris associate Wenceslas Chelini advised on antitrust matters.