Financial Advisor to Global Blue

On 18 February 2025 Global Blue Group Holding AG (Global Blue), a Europe and APAC-based business partner for the shopping journey, and Shift4 Payments Inc. (Shift4), a US-leader in integrated payments and commerce technology, have entered into a definitive agreement under which Shift4 intends to acquire 100% of Global Blue shares. Both companies power billions of transactions annually and aim to provide mission-critical merchant solutions that simplify complex shopping journeys. The combination will create a global leader in commerce and shopping technologies, with a footprint in over 50 countries, serving several hundred thousand retail and hospitality locations.

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Under the terms of the definitive agreement, Shift4 intends to acquire Global Blue for USD 7.50 per common share in cash, representing a +15% premium to Global Blue’s closing share price as of 14 February 2025, through a tender offer and a subsequent statutory merger. The acquisition has been unanimously approved by the Boards of Directors of Shift4 and Global Blue, and the Board of Directors of Global Blue has unanimously resolved that it will recommend to the Global Blue shareholders to accept the tender offer. The transaction is expected to close by the third quarter of calendar year 2025, subject to regulatory approvals, other customary closing conditions, and a minimum tender of 90% of Global Blue’s issued and outstanding common shares and preferred shares on a combined basis.

Support by IFBC

IFBC prepared an independent Fairness Opinion for the Board of Directors of Global Blue to assess the financial adequacy of Shift4’s public tender offer. On the basis of the analyses and value considerations carried out, IFBC considers the offer price of USD 7.50 per common share to be fair from a financial point of view. IFBC specializes in the preparation of Fairness Opinions, is a particularly qualified evaluator (accreditation by the Swiss Takeover Board pursuant to Art. 30 para. 6 TOO) and is the Swiss market leader in this field.

About Global Blue

Global Blue is the business partner for the shopping journey, providing technology and services to enhance the experience and drive performance. With over 40 years of expertise, today Global Blue connects thousands of retailers, acquirers, and hotels with nearly 80 million consumers across 52 countries, in three industries: Tax Free Shopping, Payments and Post-Purchase solutions. With over 2’000 employees, Global Blue generated EUR 28bn Sales in Store and EUR 422M revenue in FY 2023/24. Global Blue is listed on the New York Stock Exchange. For more information, please visit www.globalblue.com.

About Shift4

Shift4 (NYSE: FOUR) is boldly redefining commerce by simplifying complex payments ecosystems across the world. As the leader in commerce-enabling technology, Shift4 powers billions of transactions annually for hundreds of thousands of businesses in virtually every industry. For more information, visit www.shift4.com.