By Mauro Orru

Worldline said Monday that it has signed an agreement with Australia & New Zealand Banking Group Ltd. to acquire a 51% stake in the bank's commercial-acquiring business as the company seeks to expand its merchant-services business outside of Europe.

The French fintech company said the stake acquisition is for a cash consideration of around 485 million Australian dollars ($365.4 million).

"Australia is a highly attractive strategic market as it is very close to Europe in terms of market structure, standards and technology, with a high level adoption of electronic payments. Backed by a solid macroeconomic environment and a strong long-term growth potential, the Australian market represents a rare opportunity to scale-up our platforms and roll-out our innovative solutions in very close partnership with such a leading institution as ANZ," said Worldline Chief Executive Gilles Grapinet.

The two companies are establishing a joint venture to operate and develop commercial-acquiring services in Australia, with Worldline retaining 51% and ANZ the remaining 49%.

The transaction is expected to close in the fourth quarter of 2021, Worldline said.

Write to Mauro Orru at mauro.orru@wsj.com; @MauroOrru94

(END) Dow Jones Newswires

December 14, 2020 12:23 ET (17:23 GMT)

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