France Closing Combination Tender

The joint-venture will create the clear leading payment provider in Germany the third largest market in Europe and a promising country for electronic payment where cash transactions remain predominant. The high degree of complementarity between BS PAYONE positioning as the second largest international card acquirer in Germany and the differentiating know-how of Ingenico within the SMB market as well as the large retailers will enable the joint-venture to accelerate its development with a comprehensive offering covering the instore and online needs of all types of merchant.Over the period from now to 2021 the joint venture is expected to grow at a low teens CAGR in term of revenues and a high teens CAGR in term of EBITDA. The combination between the two assets is expected to generate significant synergies of 30 million largely realized by 2022.The joint-venture renamed Ingenico Payone Holding GmbH will be owned 48 by Deutscher Sparkassenverlag and 52 by Ingenico Group. As a result it will be fully consolidated as early as 1st of January within the Ingenico Group financial statements and a new division called PAYONE will be created within the actual Retail business unit.