UK payment processing firm Worldpay is set to merge with US rival Vantiv in a deal which would value the company at £9.1bn including debt.
According to the Financial Times, Worldpay has reached a preliminary agreement which values its shares at 385p each, including the payment of a 5p dividend.
As a result of the deal, the company will be run by two CEOs and will be co-headquartered between London and Ohio in the US.
The new board would consist of seven directors from Vantiv and four from Worldpay.
Today’s news comes about a day after Sky unveiled that Worldpay had been approached by Vantiv and JP Morgan Chase.
Worldpay’s shares have risen in value over the past two trading days, boosted by the possibility of a bidding war for the company.
According to City A.M., JP Morgan is not planning on making a counter offer.