Brussels, 14 October 2010
Mergers: Commission approves acquisition of payment services provider RBS WorldPay by private equity firms Advent International Corporation and Bain Capital Investors
The European Commission has approved under the Merger Regulation the acquisition of RBS WorldPay, the merchant payment services business of Royal Bank of Scotland Group, by the private equity investment firms Advent International Corporation and Bain Capital Investors. The Commission concluded that the transaction would not significantly impede effective competition in the European Economic Area (EEA) or any substantial part of it.
RBS Worldpay provides payment processing services for retailers and merchants on a global scale. It is currently owned by Royal Bank of Scotland which, in order to obtain the Commission's approval in a State aid case, offered to divest a number of businesses, including this one, to share the costs of its restructuring and compensate for the distortions of competition created by the State support it received, including two State recapitalisations totalling more than £ 45 billion and the treatment of a huge portfolio of impaired assets (see IP/09/1915).
The Commission's investigation has shown that the acquisition by Advent and Bain will not raise any competition concerns as none of Advent's or Bain's fund companies are active in merchant payment processing services or in closely related markets.
The decision is without prejudice to Royal Bank of Scotland's obligations under the state aid procedure.
The transaction was notified to the Commission on 9 September 2010 for regulatory clearance under the European Union's merger control rules. More information on the case will be available at: