Ann: FY25 Full Year Results Presentation, page-6

how likely is it they can finance the deal? (if they are the potential acquirer)

Shift4 has a strong track record of executing large-scale acquisitions, which suggests they possess the necessary financial capacity and financing networks to take over a company like Smartpay. For instance, their recent transaction to acquire Global Blue was a multi-billion-dollar deal that required securing significant financing, whether through cash, debt facilities, or a combination of both. Compared to the scale of the Global Blue purchase, the Smartpay deal would likely represent a smaller financial commitment for Shift4, making it even more feasible from a funding perspective.

Historically, companies like Shift4 structure their deals with a mix of available cash reserves, bank debt, and, occasionally, share issuance. The ability to complete such large transactions underscores not only their operational competence but also the confidence financial markets have in their ability to manage and finance growth. Of course, the exact details regarding the financing structure for the Smartpay takeover are subject to confidential due diligence findings and contractual negotiations. But given Shift4’s past performance in securing financing for high-value transactions, it appears they are well-equipped to finance the deal.