Worldline - comment

Highly dilutive. The company is in advanced discussions with Australian payments provider Cuscal over the sale of its New Zealand operations. The transaction is not supposed to have much impact on FCF as the small subsidiary apparently makes no money. Consequently, it is estimated to have an EV of only €17m. However, the EBITDA impact will be -€12m. So on the face of it, this will be a highly dilutive little transaction, if too small to tip any pricing on its own.