Apollo Funds Acquires TSS Activities From Worldline
September 30, 2022
Cleary Gottlieb represented the investment funds managed by affiliates of Apollo (Apollo Funds) in the acquisition and acquisition financing of the Terminals, Solutions & Services (TSS) business line from Worldline.
Following consultation of the works councils of Worldline and TSS, and approval from regulatory and antitrust authorities, Apollo acquired 85% of TSS, with the remaining 15% to be transferred on January 1, 2023.
The acquisition followed a competitive process launched in mid-2021 by Worldline, the France-based leader in payment services. The transaction was announced on February 21, 2022, and closing occurred on September 30, 2022.
Worldline and TSS will sign a partnership agreement cementing the strategic and long-term commercial relationship over the next five years.
Paul, Weiss, Rifkind, Wharton & Garrison LLP also acted as counsel to Apollo Funds.