Bain, Advent Pour $311 Million into WorldPay

The private equity owners of U.K.-based payment processing company WorldPay will pour 200 million pounds ($311 million) into the company, adding 250 new jobs, Reuters reported. The Royal Bank of Scotland sold all but 20% of the company to Advent International and Bain Capital in a buyout that closed on Wednesday. The two firms aim to beef up the company’s management team and add the new jobs over the next six months, Reuters said.

(Reuters) – The new private equity owners of WorldPay, the payment processing business sold by Britain’s Royal Bank of Scotland (RBS.L), are to invest 200 million pounds in the company ($311 million) and create 250 jobs.

The EU-enforced sale completed on Wednesday involves majority state-owned RBS retaining a 20 percent stake. Advent International and Bain Capital said they would beef up the management team, invest 200 million pounds and would add the new jobs in the next six months.

Advent and Bain agreed in August to pay up to 2 billion pounds for WorldPay, the largest provider of card payment services in Europe and the fourth largest globally.

WorldPay, which processed 6.8 billion transactions last year worth 243 billion pounds through brands including Streamline, said card payment growth will be aided by new online payments methods. It also sees growth opportunities in emerging markets. (Reporting by Steve Slater; Editing by David Holmes) ($1=.6431 Pound)