Payments firm Adyen plans June listing amid flurry of deals
* Company seen valued at $7-11 billion
* Shareholders to sell 15 percent stake
* Adyen sales grew 38 percent in 2017
* Paypal bought competitor iZettle for $2.2 bln last week (Updates with details on competitive landscape)
AMSTERDAM, May 24 (Reuters) – Adyen, a Dutch company that processes payments for Airbnb, Uber, Spotify and Netflix, plans to list on the Amsterdam stock exchange in June in the midst of a wave of dealmaking in the digital payments industry.
Sources close to the matter told Reuters last month that Adyen was eyeing a valuation of 6-9 billion euros ($7-$11 billion), which would make it the largest tech listing by a European company since Spotify’s April debut in New York, and one of the biggest by a European fintech to date.
The digital payments sector has seen a string of deals as companies look to acquire new technologies in a global business where upstarts are rapidly taking market share from traditional payment processors.
Last week, U.S. giant PayPal agreed to buy smartphone payment terminal provider iZettle for $2.2 billion in the midst of the Swedish company’s own initial public offering.
Adyen, which competes primarily with WorldPay owner Vantiv and France’s Worldline to serve large online retailers that need to handle cross-border payments, said in a statement its shareholders planned to sell a 15 percent stake.
In January, Adyen won the contract to handle eBay’s payments, beating out former in-house service PayPal, which eBay spun off three years ago. Adyen has also been expanding into in-store “point of sales” payment processing.
“This offering provides us with the freedom to keep building the company, while offering our shareholders a path to liquidity,” said chief executive and co-founder Pieter van der Does in the statement.
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By Toby Sterling
Reuters
24 May, 2018
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