Global Blue acquired by Shift4
Context
Shift4 entered into a definitive agreement to acquire 100% of Global Blue for a total consideration representing the most significant transaction in Shift4’s 26-year history. The deal was structured as a cash tender offer at $7.50 per common share, representing a 15% premium over the undisturbed stock price, alongside the acquisition of preferred shares. This strategic combination aims to merge Shift4’s dominant US payment infrastructure with Global Blue’s international leadership in tax-free shopping and currency conversion. By uniting their complementary geographic footprints, the merged entity will create a global commerce powerhouse operating in over 50 countries.
Global Blue, which reported an EBITDA margin of [members only] in 2024, is valued in this transaction at an EV/EBITDA multiple of 10x–18x, standing directly in line with the average observed in the Financial Services sector (13.0x in 2025).
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Target
Global Blue is a specialized technology and service partner dedicated to enhancing the international shopping journey through a comprehensive "phy-gital" ecosystem. The company is a global leader in Tax-Free Shopping services, enabling seamless VAT refunds for international travelers, and offers advanced Dynamic Currency Conversion (DCC) and e-commerce post-purchase solutions. Operating across 52 countries in Europe, APAC, and Latin America, the organization connects thousands of luxury retailers, acquirers, and hotels with nearly 80 million consumers. Its proprietary technology platform simplifies complex cross-border transactions at over 400,000 merchant locations, supported by specialized advisory services in business intelligence and digital marketing.
Ent. Value
€1–10bn
Equity Value
[members only]
Multiples
EV / Revenue
2x–6x
EV / EBITDA
10x–18x
EV / EBIT
[members only]
Historical Financials (EUR)
Similar deals in Fintech & Payments
| Date | Acquirer | Target | Country | Sector |
|---|---|---|---|---|
| 08/2026 | NAYAX | IPS GROUP | UNITED STATES | Fintech & Payments |
| 11/2025 | CEGID | SHINE | FRANCE | Fintech & Payments |
| 01/2025 | SS&C TECHNOLOGIES | CALASTONE | UNITED KINGDOM | Fintech & Payments |
| 10/2022 | PARTNERS GROUP | TELEPASS | ITALY | Fintech & Payments |
| 10/2021 | ADVENT INTERNATIONAL / EURAZEO | PLANET PAYMENT | IRELAND | Fintech & Payments |
| 11/2020 | NEXI | NETS | DENMARK | Fintech & Payments |
| 10/2020 | THE CARLYLE GROUP | CALASTONE | UNITED KINGDOM | Fintech & Payments |
| 10/2020 | ANACAP FINANCIAL PARTNERS | MARKET PAY | FRANCE | Fintech & Payments |
| 08/2020 | EURONEXT | VP SECURITIES | DENMARK | Fintech & Payments |
| 04/2019 | INFRONT | VEREINIGTE WIRTSCHAFTSDIENSTE VWD GROUP | GERMANY | Fintech & Payments |
REFERENCES
Valuation range: EV €1–10bn
Revenue range: €250–500M
EBITDA range: €100–200M
EV/Revenue range: 2x - 6x
EV/EBITDA range: 10x - 18x
Note: This page provides detailed data on a private equity M&A transaction. Detailed and exact financial metrics for the acquisition of Global Blue by Shift4 are reserved for mynth community members. Register for free to unlock full data.
Authors: This transaction was contributed by a verified mynth contributor and cross-checked against available transaction documents and official company communications.
Acquirer: shift4
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