Payments processing giants Vantiv and Worldpay have finally announced the final terms of their multi-billion dollar merger deal that seeks to create a colossus in the digital payments realm.

The deal, which was first announced last month, had been delayed as the duo sought to iron out the finer details, but we now know that Worldpay shareholders will receive £0.55 in cash, a dividend of £0.05 per share, and 0.07 of a new Vantiv share. This values U.K.-based Worldpay at £9.3 billion ($12 billion) and the new combined company — which will go by the name of Worldpay — at an enterprise value of £22.2 billion ($28.8 billion).

Vantiv, which was founded out of Ohio in 1971, processes credit card payments on behalf of merchants — handling 25 billion transactions and nearly $1 trillion in sales annually in the U.S. Through this merger with its London-headquartered rival Worldpay, Vantiv will gain a major foothold in Europe and create a “global payment provider to power omni-commerce, with comprehensive products and capabilities spanning traditional merchants, integrated payments, and global eCommerce,” according to a statement issued by the companies.

“This is a powerful combination that is strategically compelling for both companies,” added Vantiv CEO and president Charles Drucker. “It joins two highly complementary businesses, and it will allow us to achieve even more together than either organization could accomplish on its own. Our business will have multiple opportunities to enhance its leading growth profile, driven by our global ecommerce capabilities, the strength of our people and their consistent focus on execution.”

Assuming the deal passes shareholder and regulatory approval, which is expected sometime in early 2018, 43 percent of the new company will be owned by existing Worldpay shareholders and 57 percent by Vantiv shareholders.

Additionally, the new entity will be jointly headed by the existing CEOs of both companies, with Cincinnati serving as the company’s global and corporate headquarters and London as its “international” headquarters.

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