Acquisition of RBS WorldPay – TSG’s Comparative Analysis
Submitted by Mike Strawhecker on September 2, 2010 – 1:50 am5 Comments
TSG reviewed three recent transactions in the merchant acquiring industry to illustrate the various factors that influence the market value of a merchant acquiring company, and in turn, its net revenue multiple. The three transactions reviewed include the transactions involving Fifth Third Processing Solutions (FTPS), First National Merchant Solutions (FNMS), and RBS WorldPay (RBS).
Very interesting analysis – thank you for posting this; I especially liked how it compared three transactions and not just the one. The market is not a vacuum… and this analysis does not view it like it is.
Great info – where did you find all of the financial data for the analysis?
LINDSAY – thanks for nice comment. All of the financial information came from company press releases, SEC filings, and The Nilson Report.
Well done!
Nice work Ray!
Love your analysis. Would like to know Advent’s market share ?
Also, RBS had to sell due to European bailout plan and anti-trust issues so they were probably the best deal for value long term.