Worldline has wrapped up the acquisition of SIX Payment Services, the payment services arm of Swiss stock exchange operator SIX.

The deal, first announced in May this year, offers SIX a 27% stake in Worldline.

Consideration for the deal includes 49.1 million new Worldline shares along with a cash payment of CHF338m.

“With revenues reaching an estimated c. € 2.3 billion in 2019, Worldline reinforces its existing n°1 position within the European payments landscape,” Worldline said in a statement.

The former offices of SIX Payment Services’ offices have now become Worldline offices. However, these offices will retain the SIX Payment Services brand. A total of 1,300 employees from SIX have now migrated to Worldline.

As part of the deal, two SIX representatives Romeo Lacher and Giulia Fitzpatrick have joined the Worldline board.

The merged entity is said to be the largest European payments provider, with a 10% merchant acquiring market share in Europe and a 20% market share in financial services.

Worldline CEO Gilles Grapinet said: “This transaction leads indeed to a major transformation of our company and positions it by far as the undisputed leader of payment services in Europe. I am also particularly pleased by the quality and fast pace of the integration preparation programme, thanks to the exemplary cooperation between the two companies.

“This is a very positive sign for the future execution of our synergy plan and the proof that Worldline is the ideal platform to continue building the European consolidation of our industry.”