Ann: FY25 Full Year Results Presentation, page-7

however, shift4 do not usually keep their identity as acquirer secret.

Historically, Shift4 has not been known for keeping their identity under wraps when it comes to acquisitions. In cases like their transactions involving Global Blue, 3dcart (now Shift4Shop), and VenueNext, Shift4 has made public announcements with detailed press releases outlining the deals, their strategic rationale, and key financial details. This transparency has been a consistent part of their operational approach, signaling a strong commitment to open communication with investors and the market.

That said, it's worth mentioning that in competitive sectors like paytech, there are instances where potential buyers might prefer to maintain a lower profile until the deal reaches a more definitive stage. However, in the context of Shift4, there isn’t a documented history of deliberately concealing their involvement in mergers or acquisitions. Their track record indicates they value a public and strategic disclosure process once they reach critical stages of a deal.

This contrast with the current scenario, where the potential purchaser of Smartpay is choosing to keep its identity confidential, raises an interesting strategic consideration. It could be that the factors unique to this transaction—perhaps the competitive landscape or regulatory considerations—are driving the acquirer to adopt a more reserved stance.