Crédit Agricole Group, the leading French retail bank, and Worldline, a global leader in payment services, have entered into exclusive negotiations with the aim of creating a major player in the French payment market. The French market alone represents c.€ 700 billion Merchant Sales Value (MSV) and is the largest payment market in continental Europe.

This is a long-term strategic partnership for the creation of a joint company fully operational by 2025. The proposed alliance would leverage Crédit Agricole’s merchant acquiring footprint, French market intimacy and distribution power. The partnership would benefit from Worldline’s global infrastructure and leading technology to develop innovative products for merchants in France.

Led by Stéphane Davin, Partner and head of the Corporate/M&A department, the Baker McKenzie team in Paris included:

– Corporate / M&A: François-Xavier Naime (Partner), Antoine Caillard (Senior Counsel), Paul Nury (Senior Associate), Arnaud Benezeth (Associate);
– Competition & Distribution: Léna Sersiron (Partner), Olivia Chriqui-Guiot (Senior Associate), Théo Girardot (Associate);
– Tax: Guillaume Le Camus (Partner), Charles Baudoin (Partner), Thierry Vialaneix (Senior Counsel), David Rey (Associate);
– IT/C: Laurent Szuskin (Partner), Marie Catherine Ducharme (Senior Associate), Camille Larreur (Associate);
– Intellectual Property: Nathalie Marchand (Partner); and
– Employment: Olivier Vasset (Partner).

Commenting on the transaction, Stéphane Davin, Partner and head of the Corporate/M&A department, said: “We are delighted to have advised Crédit Agricole in its alliance project with Worldline. Our multidisciplinary skills enabled us to intervene in the many strategic aspects of these negotiations. We look forward to continuing our collaboration with Crédit Agricole.”