In August 2010, a consortium formed by Advent International and Bain Capital agreed to acquire 80% of WorldPay (formerly RBS WorldPay), a leading global payment services business providing merchant acquiring and processing services to national, international, and SME (small and medium enterprise) merchants; WorldPay is the #1 merchant acquirer in the UK and #4 globally by transaction volume. The business was acquired for a total consideration of up to $3.2 billion from the RBS Group, which was required to dispose of the asset by European regulators following the UK government's bail-out. RBS will retain a 20% equity stake in the business.
As a result of its close relationship with Bain Capital and Advent International, KKR Mezzanine Partners underwrote and led the $470 million mezzanine loan to facilitate the acquisition of WorldPay. This relationship was further developed by working exclusively with them from the beginning of the process, which facilitated an open dialogue and deep participation in due diligence. Furthermore, KKR provided committed financing in a tight timeframe which was a key in successfully securing this transaction. The WorldPay investment is the largest mezzanine investment KKR has led to date and is one of six deals in which affiliate funds or clients managed by KKR Asset Management provided mezzanine financing in 2010.