Global Blue, a Switzerland-based technology and payments partner empowering global merchants to capture the growth of international shoppers, announced on Thursday it will become a publicly-traded company on the New York Stock Exchange through its merger with Far Point Acquisition Corporation (NYSE: FPAC), a special purpose acquisition company co-sponsored by the institutional asset manager Third Point LLC and former NYSE President Thomas W. Farley.
Global Blue noted it is on a mission to empower merchants to capture the full potential of international shoppers. The Group offers a seamless shopping and payment journey for tourists and also provides a wide range of Added-Value Payment Solutions for all the stakeholders involved, including retailers and international shoppers. The company revealed that every year it connects worldwide 29 million international travelers and more than 200 payment providers and acquirers.
Current Global Blue CEO Jacques Stern will reportedly continue to lead the company’s existing management team, and Farley will become Chairman of Global Blue. Current investors, including Silver Lake, the global leader in technology investing, will remain significant shareholders in the combined company. Farley stated:
“Global Blue is the clear market leader in the attractive and growing Tax Free Shopping ecosystem worldwide. The company has achieved remarkable progress in digitalization, geographic expansion and strategic value creation under Jacques’ leadership and the stewardship of its existing shareholders, including controlling shareholder Silver Lake, whose principals I have known personally and professionally for years. I look forward to working with Global Blue to capitalize on favorable trends in the business, including the growth of the emerging markets middle-class, positive VAT dynamics, and further digitalization.”
Global Blue further reported that new investors, anchored by Ant Financial Services Group, have committed to invest a total of $350 million in the combined company at a €2.3 billion (approximately $2.6 billion) enterprise valuation in the form of a private placement. Daniel S. Loeb, CEO of Third Point, added:
“Global Blue is well-positioned to continue to deliver excellent returns due to its integrated technology platform, high-quality customer base, and experienced strategic partners including Ant Financial and Silver Lake. Far Point evaluated numerous companies to capitalize, and Global Blue is exactly the type of high-quality, growing business we hoped to identify for our initial SPAC.”
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