Payments company Shift4 acquires Global Blue, a tax refund company for tourists headquartered in Nyon, Switzerland, in a deal valued at approximately $2.5 billion. After this deal, Pennsylvania-based Shift4 gains access to Global Blue’s tax refund and currency conversion technology, which enables luxury and premium retailers worldwide to offer tax-free shopping experiences.

The deal also strengthened Shift4’s unified commerce platform. It significantly expanded its presence by adding over 400,000 retail and hospitality locations already utilizing Global Blue’s solutions for cross-border luxury transactions.

Not only this, Global Blue’s merchant relationships, including high-end brands like Prada and LVMH, present a cross-selling opportunity exceeding $500 billion in payments volume, while also providing a strategic geographic footprint to support Shift4’s ongoing expansion in entertainment, restaurant, sports and hotel sectors internationally.

Key Takeaways

• Shift4 Payments has acquired Global Blue for approximately $2.5 billion, significantly enhancing its presence in the global luxury retail payments sector and marking its strategic entry into international markets.
• The acquisition adds Global Blue’s extensive network of over 400,000 retail and hospitality locations, allowing Shift4 to diversify geographically, particularly into Europe, Asia, and South America.
• Shift4 will leverage Global Blue’s specialized capabilities in tax-free shopping and currency conversion, creating more comprehensive payment solutions tailored for premium retailers and international customers.
• Major Global Blue shareholders, including Ant International and Tencent, plan to maintain their investment, potentially enabling new integrations with payment platforms like Alipay+ and Weixin Pay, thus connecting Shift4 to an extensive global user base of over 1.6 billion accounts.

Shift4 Acquires Global Blue in $2.5 Billion Deal, Expanding into Luxury Retail Payments.

Shift4 Payments has announced its intention to acquire Global Blue, a leading specialty payments and technology provider serving luxury brands. This significant move, valued at approximately $2.5 billion, marks Shift4’s ambitious expansion into global luxury retail. ​

Shift4, a prominent player in integrated payments and commerce technology, has entered into a definitive agreement to purchase Global Blue for $7.50 per common share in cash. This price represents a 15% premium over Global Blue’s closing share price as of February 14, 2025. The transaction’s enterprise value is around $2.5 billion, encompassing equity and debt considerations. ​Once the transaction is finalized, Global Blue’s common and preferred shares will be delisted from all public stock exchanges. Holders of Global Blue warrants can exercise these warrants before their expiration in August 2025.

Founded in 1999, Shift4 has established itself as a leader in integrated payment processing solutions, catering to over 200,000 businesses across various sectors, including hospitality, retail, and restaurants. The company’s platform offers a comprehensive suite of services, from mobile payment solutions to point-of-sale systems. ​

With a history spanning more than four decades, Global Blue specializes in tax-free shopping, dynamic currency conversion, and payment solutions tailored for luxury retailers. The company operates in over 52 countries and serves over 400,000 premium retail and hospitality locations, connecting international shoppers with renowned brands. ​

This acquisition is poised to boost Shift4’s position in the global payments landscape significantly:​

• Enhanced Global Presence: By integrating Global Blue’s extensive network, Shift4 will expand its reach into key international markets, particularly in Europe, Asia, and South America. This aligns with Shift4’s strategy to diversify beyond its primarily US-based operations. ​
• Diversified Service Offerings: Incorporating Global Blue’s expertise in tax-refund and currency conversion services will enable Shift4 to offer more comprehensive solutions to luxury retailers, enhancing the shopping experience for international customers. ​
• Strategic Partnerships: Notably, major shareholders of Global Blue, such as Ant International and Tencent, plan to remain invested in the combined entity. This opens avenues for collaborations, including the potential integration of payment services like Alipay+ and Weixin Pay into Shift4’s ecosystem, thereby connecting global merchants with over 1.6 billion user accounts. ​

Taylor Lauber, President of Shift4, described the acquisition as continuing its bold approach to delivering transformative solutions for its customers, creating substantial cross-selling potential. He emphasized that this acquisition aligns perfectly with Shift4’s strategic goals, offering a significant opportunity to drive higher transaction volumes, unlock additional revenue streams, and expand their capabilities into new markets. By incorporating Global Blue into its unified payments platform, Shift4 is a global leader in unified commerce payment solutions.

Shift4 will integrate Global Blue’s merchant solutions into its global payments platform, significantly improving merchants’ overall experience. Introducing Global Blue’s tax refund and currency conversion services strengthens Shift4’s reputation as a trusted and forward-thinking partner. Global Blue operates the largest and most robust two-sided network in its market, linking millions of high-value international shoppers directly with merchants. Global Blue actively engages international consumers through its proprietary app, generating strong network effects that enable further innovation in digital marketing, loyalty programs, and additional value-added services.

Shift4 intends to finance the acquisition through cash reserves and a $1.795 billion bridge loan facility. The transaction has received unanimous approval from the boards of both companies and is anticipated to close by the third quarter of 2025, pending regulatory approvals and customary closing conditions. ​

Global Blue CEO Jacques Stern stated that the partnership with Shift4 is a pivotal moment in Global Blue’s development, enhancing its comprehensive value offering to top-tier merchants globally. He expressed great enthusiasm about collaborating with Shift4 to maintain its history of innovation and improve experiences for everyone involved in the shopping ecosystem. Stern also expressed his deep appreciation to all Global Blue team members, acknowledging that their efforts have been crucial to the company’s success.

The boards of directors of Shift4 and Global Blue have unanimously approved the acquisition, which is anticipated to be finalized by the third quarter of 2025. This closure is contingent upon securing necessary regulatory approvals, satisfying other standard closing conditions, and achieving a minimum acceptance of at least 90% of Global Blue’s total issued and outstanding common and preferred shares. Additionally, certain shareholders of Global Blue have committed to tendering their shares by signing tender and support agreements. Under these agreements, the participating shareholders, who collectively own approximately 90% of the total issued and outstanding common and preferred shares of Global Blue, have agreed to tender their shares according to the stipulated terms and conditions.

Douglas Feagin, President of Ant International, highlighted that their strategic investment in Shift4 aligns closely with their mission to advance global commerce and empower SMEs through innovative payment, digitization, and financial solutions. Feagin praised Shift4’s rapid growth into a worldwide omnichannel payments leader and expressed enthusiasm for solidifying the partnership early in Shift4’s international expansion. He thanked Jared Isaacman, Taylor Lauber, and Thomas Farley for their strategic vision and noted his excitement about future collaborations to support businesses in a digitally connected ecosystem.

Tencent’s Chief Strategy Officer and Senior Executive Vice President James Mitchell emphasized his continued support for Global Blue under Shift4’s ownership. Mitchell commended Jared Isaacman and Taylor Lauber for positioning Shift4 as a leading integrated payments and commerce technology provider. He confirmed Tencent’s strategic investment in Shift4 and expressed enthusiasm for future global partnership opportunities.

Tom Farley, Chairman of Global Blue, spoke for the current board of directors—which includes representatives from Silver Lake, Partners Group, Certares, and Knighthead—and unanimously endorsed the transaction. They are confident that this deal will provide substantial, prompt, and guaranteed value to Global Blue’s shareholders. Plus, they are convinced that this agreement will serve the best interests of their employees, customers, and stakeholders, promoting sustained growth and innovation under the guidance of the new ownership.

Goldman Sachs & Co. LLC serves as Shift4’s sole financial advisor, while Loyens & Loeff NV and Latham & Watkins LLP provide legal guidance.

JPMorgan Securities LLC is Global Blue’s principal financial advisor. IFBC, Deutsche Bank Securities, PJT Partners, Oppenheimer & Co. Inc., and UBS provide additional financial advisory support. Niederer Kraft Frey Ltd and Simpson Thacher & Bartlett LLP provide legal counsel.

The announcement has elicited mixed reactions from the market. While some analysts view the acquisition as a strategic move to capture a larger share of the luxury payments market, others express caution regarding the integration challenges and the substantial financial outlay involved. Shift4’s stock experienced a slight decline following the news.

Looking ahead, the successful integration of Global Blue’s services into Shift4’s platform could position the company as a formidable player in the luxury payments sector. The combined entity’s ability to offer seamless, integrated payment solutions tailored to luxury retailers and international shoppers may set new standards in the industry.​

The acquisition coincides with Jared Isaacman’s upcoming departure from Shift4, the company he founded at age 16, as he has reportedly been nominated by President Donald Trump to head NASA. Pending Senate confirmation, Taylor Lauber will succeed Isaacman as CEO.

This deal is part of Shift4’s series of strategic acquisitions over the past year. In August, the company acquired GiveX, expanding its product portfolio with gift card and loyalty solutions while broadening its customer base.

Additionally, in June, Shift4 purchased a majority interest in Vectron Systems, a European provider of point-of-sale technology for restaurants and hospitality businesses, and completed its previously announced acquisition of Revel Systems.

About Shift4

Shift4 Payments, Inc. provides comprehensive software and payment processing solutions to simplify commerce and optimize global payment acceptance. Its robust payments platform supports multiple payment methods, including credit, debit, contactless transactions, QR codes, mobile wallets, and alternative options like Google Pay, Apple Pay, WeChat Pay, and Alipay. Shift4’s innovative technology suite includes SkyTab POS and Mobile solutions for seamless ordering and payments, Lighthouse for business intelligence and customer engagement, Shift4Shop for streamlined e-commerce, and The Giving Block for cryptocurrency donations.

Founded in 1999 and headquartered in Center Valley, Pennsylvania, Shift4 supports businesses with essential merchant services from onboarding and risk management to training and ongoing customer support. The company collaborates closely with software partners, independent vendors, enterprises, and resellers, ensuring clients have reliable, compliant, and integrated payment experiences across all sales channels.

About Global Blue

Global Blue, headquartered in Nyon, Switzerland, is a leading provider of tax-free shopping solutions. It helps international travelers seamlessly reclaim VAT/GST refunds. With over 40 years of industry experience, the company connects retailers, hotels, and financial institutions to nearly 80 million global consumers in 52 countries.

Beyond its core tax-free services, Global Blue offers a comprehensive portfolio, including dynamic currency conversion, marketing solutions, advanced point-of-sale technologies, retail staff training, and insightful customer analytics. This diverse range of products and services positions Global Blue as a trusted partner, enhancing the shopping experience for travelers and driving growth for businesses across retail, payments, and post-purchase segments.

Conclusion

The acquisition of Global Blue marks a significant step in Shift4’s expansion into the luxury retail payments sector, strengthening its global presence and service offerings. By integrating tax-free shopping and currency conversion solutions, Shift4 gains access to an extensive network of high-end merchants and international shoppers, opening new revenue opportunities.

While integration challenges and financial commitments remain, the deal aligns with Shift4’s strategy to diversify its portfolio and extend its reach beyond the US market. If successfully executed, this acquisition could solidify Shift4’s position as a leading payments provider in the luxury and cross-border commerce space.