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Worldpay has agreed to merge with US rival firm Vantiv in a deal which values the UK payment processing firm at £9.3bn.

The news comes after both parties unveiled an initial agreement last month, with reports suggesting the deal would value Worldpay at £9.1bn including debt.

As a result of the transaction, the new firm will have a combined value of £22.2bn. 

Worldpay shareholders will own approximately 43%, while Vantiv shareholders will own around 57% of the combined firm.

The new payments giant will have an international HQ in London and a global head office in Ohio.

“The combination of scale and presence the merger will bring is an exciting step in the creation of a truly global leader in payments,” Worldpay said.

Vantiv is set to pay £8bn plus £1.3bn to cover debts.