French payment firm Worldline has completed a previously announced acquisition of 80% stake in Eurobank Merchant Acquiring (EBMA) in line with its European consolidation policy.

The deal closed more than six months after Worldline signed an agreement to acquire majority stake in EBMA for €256m apart from other payments.

EBMA is one of the largest card acquirers in Greece holding 21% market share in transaction volumes processed in the country. The company handles around 219 million transactions every year with a payment value of around €7bn from 190,000 point of sale (POS) network.

At the time of announcement, Worldline CEO Gilles Grapinet said: “This operation is fully in line with our strategy to further expand our Merchant Services activities towards the South of Europe and at the same time allows us to leverage our footprint in Greece that was established earlier this year through the acquisition of Cardlink.

“The combination of both companies will create a meaningful, comprehensive and leading position in the fast-growing Greek market that is driven by a steady ongoing adoption of electronic payments.

“This transaction offers attractive development opportunities for Worldline in the coming years, building on our direct access to an existing merchants portfolio with a full suite of end-to-end payment solutions.”

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By GlobalData

Worldline also said that the closed deal has allowed the company to form a long-term commercial partnership with Eurobank.

The partnership will leverage Eurobank’s existing banking network to distribute Worldline’s and EBMA payment product and services.