French payments services provider Worldline has reached a binding agreement to purchase the merchant acquiring activities of Banco Desio for €100m.

This acquisition will be executed through the firm’s joint venture Worldline MS Italy.

The transaction also encompasses a long-term commercial partnership, allowing Worldline to use Banco Desio’s network of over 230 branches to distribute its suite of payment products and services to merchants.

Subject to regulatory clearance, the transaction is scheduled to complete in the first quarter of 2023.

Worldline CEO Gilles Grapinet said: “I am very proud to announce the acquisition of Banco Desio’s merchant acquiring activities.

“This operation is fully in line with our strategy to further expand our Merchant Services activities towards the South of Europe and in particular in Italy, a highly attractive and strategic market for Worldline where we intend to continue leveraging our footprint built last year through the acquisition of Axepta Italy early 2022 and the set-up of the Worldline MS Italy joint venture.

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“With this transaction, Worldline keeps on playing the leading role in the consolidation of the European payments industry, with a focus on value-creating consolidation opportunities, enhancing Worldline scale, reach and significant presence in a growing number of countries.”

Banco Desio’s merchant acquiring business supports nearly 15,000 merchants with payment solutions. It also handles marketing and distribution of over 19,000 POS to merchants.

The latest deal comes shortly after Worldline’s purchase of a 55% stake in Warsaw-based fintech firm 

Furthermore, last month, Lufthansa Group chose Worldline as its partner and payments provider.