US-based credit card processor Vantiv has closed the acquisition of Worldpay, a UK-based payment processor.

The acquisition, announced in August 2017, creates a group with a pro forma enterprise value of $31bn.

The merged group will operate across 146 countries, offering services in 126 currencies and processing over 40 billion transactions per year.

The combined entity will operate under the Worldpay name and will be jointly led by Vantiv CEO Charles Drucker and Worldpay CEO Philip Jansen as co-CEOs. Drucker will also serve as executive chairman of the new group.

“By combining the expertise of our teams, we will provide further value to our customers, helping them prosper in the fast-changing and complex digital economy,” Drucker said.

“The new senior leadership team is in place and has already begun to implement our plan to integrate the two businesses, delivering new value for customers, realizing cost synergies and capturing revenue opportunities that will benefit our shareholders. This will be evidenced as Worldpay creates customer-centric innovation at scale, leveraging our combined operations, technology infrastructure and data and analytics capabilities,” Jansen added.