(16 September 2024 – United Kingdom) Barclays is struggling to sell a stake in its UK merchant payments unit due to disagreements with potential buyers over its valuation, Reuters is reporting.
The bank had written down the unit’s value by £300 million in December but has still faced difficulties in the sale process, with firms like Brookfield Asset Management pulling out over price concerns.
The situation has been further complicated by the recent takeover of Barclays’ partner, Takepayments, by Global Payments, which could impact revenues. CEO CS Venkatakrishnan acknowledged that the deal is challenging due to the complex technology and financial arrangements involved.
Barclays’ efforts to sell the unit come amid broader challenges in the European payments sector, with companies like Adyen, Nexi, and Worldline all grappling with concerns over future revenue growth.