At what enterprise value was GLOBAL BLUE acquired in 2025?

During the acquisition of GLOBAL BLUE by SHIFT4 in 2025, the transaction's Enterprise Value is estimated to be in the range of 1b - 4b EUR.

What was the EV/EBITDA of GLOBAL BLUE when it was acquired by SHIFT4?

The estimated EV/EBITDA multiple for GLOBAL BLUE is in the range of 10x - 18x.

When was GLOBAL BLUE acquired by SHIFT4?

GLOBAL BLUE was acquired by SHIFT4 in 2025.

What was the revenue of GLOBAL BLUE at the time of the deal?

The revenue of GLOBAL BLUE at the time of the deal is estimated to be in the range of 250M - 500M EUR.

What was the EBITDA of GLOBAL BLUE during the acquisition?

GLOBAL BLUE's EBITDA is estimated to be in the range of 100M - 200M EUR.

How is the data for the GLOBAL BLUE acquisition sourced and is it reliable?

Mynth data is contributed by a professional community of M&A and Private Equity experts. Each transaction, including the GLOBAL BLUE deal, is systematically cross-verified by our team using private deal documents and official sources. You can also find the official press release for this transaction here: https://www.globalblue.com/fr/about-us/media/shift4-to-acquire-global-blue

← DATABASE

Home Database Financial ServicesGLOBAL BLUE

02/2025

GLOBAL BLUE acquired by SHIFT4

SWITZERLAND Fintech & Payments EV 1b - 4b EUR

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 in 2024, is valued in this transaction at an EV/EBITDA multiple of , representing a level the average currently observed in the Financial Services sector (12.5x).

-> Deep-dive in Financial Services market trends

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

Equity Value

Multiples

EV / Revenue

EV / EBITDA

EV / EBIT

Historical Financials (EUR)

Year

Rev

EBITDA

EBIT

2024

2023

Similar deals in Fintech & Payments

List of similar M&A transactions (Date, Acquirer, Target, Country, Sub-sector)
Date	Acquirer	Target	Country	Sector
09/2026	DNP DAI NIPPON PRINTING	Austriacard Holdings	AUSTRIA	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 1b - 4b EUR

Revenue range: 250M - 500M EUR

EBITDA range: 100M - 200M EUR

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