Two of France’s largest payment companies are merging together in what will eventually become the world’s fourth largest payments company. Worldline SA has announced, that it is acquiring its rival Ingenico in for a massive $8.6 billion. The company says this would make the combined entity the fourth largest payments-service provider.

According to a release issued by Wordline SA, the deal comprises of a 81% share and 19% cash transaction, as of last closing prices, as well as outstanding OCEANEs. The company mentions that it was “unanimously” approved by BoDs of both companies. Ingenico shareholders would receive through a primary offer, 11 Worldline shares and $177 (€160.5) in cash for 7 shares tendered. The offer represents a premium of 24% based on the last one month respective volume weighted average share prices.

Worldline shareholders will own about 65% of the combined company.

Talking about the deal, Wordline CEO and Chairman Gilles Grapinet said, “I am convinced that the combination of our respective remarkable talents pools, joint capabilities and state-of-the art offers will procure our combined Company an outstanding value proposition to pursue an exceptional growth benefitting to all our clients, banks and merchants alike and to all our business partners.”

For Ingenico, this is a rather sweet deal. The company hasn’t had the best of years in terms of business for quite some time, but still continued to function independently despite the pressure. That however, will now change with this Worldline acquisition.

Ingenico saw its long time CEO CEO Philippe Lazare being removed in November of 2018 over company performance issues. He had been the CEO for 11 years, but was unable to tide over company’s overall poor numbers. The biggest losses of them all was Ingenico’s inability to transform into a modern payments firm and reliance on its older, payment terminals business. Chief Operating Officer Nicolas Huss took over as CEO.

Wordline on the other hand, has a much stronger proposition considering its modern payments business, with business largely reliant on digital payments across banks, clients and customers.

According to data available from Bloomberg, Ingenico shares have more than doubled in the past year, while Worldline gained 31%.