EY advised Global Payments on the creation of a Joint Venture with Commerzbank
Global Payments, a worldwide provider of payment technology and software solutions, and Commerzbank, a major bank for small and medium size German enterprises, have announced a joint venture to offer digital payment solutions to small and medium size business customers across Germany on 11 January.
The new entity, Commerz Globalpay GmbH, is expected to launch in the first half of 2024 and will provide a comprehensive suite of innovative omnichannel payment and software solutions at scale, providing a one-stop-shop for merchants to run and grow their businesses more efficiently.
Global Payments will hold a 51 percent stake in the company, which will be based in Frankfurt am Main, Germany and Commerzbank will hold 49 percent.
EY has been supporting Global Payments in this landmark transaction since June 2023 in a broad range of services, including deal management, financial diligence, data room and Q&A management, business modelling and joint business plan, transaction structuring, target operating model definition and deal negotiation support.
A joint EY team from Germany and the US managed the highly complex transaction, leveraging EY’s global capabilities to collaborate closely across time zones, regions, and Service Lines. The EY team was led by Christopher Schmitz, Thomas Koß and Patrick Kugler on the German side and by Jason Thibo and Sani Islam on the US side.
For more insights about EY’s financial services offerings, click here: Finanzdienstleistungen | EY – Deutschland