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Acquisitions (Tables) | 9 Months Ended
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Sep. 30, 2025
Business Combination, Asset Acquisition, Transaction between Entities under Common Control, and Joint Venture Formation [Abstract] |
Schedule of Total Purchase Consideration | Total purchase consideration, including the squeeze-out merger, was as follows:
Cash (a) | $ | 2,718.7 |
Total purchase consideration | 2,718.7 |
Less: cash acquired | (106.8) |
Total purchase consideration, net of cash acquired (b) | 2,611.9 |
Noncontrolling interests | 116.8 |
Fair value of net assets acquired | $ | 2,728.7 |
(a) Includes $47.3 million paid to acquire the remaining shares outstanding in August 2025 and eliminate the noncontrolling interest which had been recognized at fair value on July 3, 2025.
(b) $2,564.6 million is presented in “Acquisitions, net of cash acquired” within Investing activities and $47.3 million is presented in “Global Blue shares purchased through squeeze-out merger” within Financing activities on the unaudited Condensed Consolidated Statements of Cash Flows.
Schedule of Assets Acquired and Liabilities Assumed | The following table summarizes the fair value assigned to the assets acquired and liabilities assumed at the acquisition date. These amounts reflect various preliminary fair value estimates and assumptions, and are subject to change within the measurement period as valuations are finalized. The primary area of preliminary purchase price allocation subject to change relates to the valuation of accounts receivable, goodwill, other intangible assets, deferred tax assets, accounts payable, accrued expenses and other current liabilities, and deferred tax liabilities.
Accounts receivable | $ | 391.1 |
Prepaid expenses and other current assets | 55.2 |
Goodwill (a) | 940.5 |
Other intangible assets | 2,097.9 |
Property, plant and equipment | 14.4 |
Right-of-use assets | 25.7 |
Deferred tax assets | 34.1 |
Other noncurrent assets | 18.6 |
Accounts payable | (395.0) |
Accrued expenses and other current liabilities | (123.0) |
Current lease liabilities | (5.1) |
Deferred tax liabilities | (279.8) |
Other noncurrent liabilities | (26.3) |
Noncurrent lease liabilities | (19.6) |
Net assets acquired | $ | 2,728.7 |
(a) Goodwill is not deductible for tax purposes.
The following table provides further detail on other intangible assets acquired:
Merchant relationships | $ | 1,816.2 |
Acquired technology | 265.2 |
Trademark and trade names | 16.5 |
Other intangible assets | $ | 2,097.9 |
Schedule of Pro Forma Information | The unaudited pro forma financial information is presented for illustrative purposes only, is based on available information and assumptions that the Company believes are reasonable to reflect the impact of the acquisition on the Company’s historical financial information on a supplemental pro forma basis, and is not necessarily indicative of the results of operations that would have actually been reported had the acquisition occurred on January 1, 2024, nor is it necessarily indicative of the future results of operations of the combined company. The timing of transaction costs has been updated to be reflected in the pro forma results for the nine months ended September 30, 2024.
| Unaudited
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Revenue | $ | 1,180.4 |  |  | $ | 1,054.2 |  |  | $ | 3,278.6 |  |  | $ | 2,829.5 |
Net income | $ | 72.7 |  |  | $ | 61.6 |  |  | $ | 122.3 |  |  | $ | 34.5 |

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