Shift4 completes squeeze-out merger of Global Blue

On 18 August 2025, Shift4 (NYSE: FOUR) announced the successful completion of the squeeze-out merger under Swiss law pursuant to which Global Blue (NYSE: GB) merged with and into Global Blue Group Holding GmbH (f/k/a GT Holding 1 GmbH), with the latter continuing as the surviving entity and wholly owned subsidiary of Shift4. As a result of the merger, the remaining 2.63 per cent outstanding shares of Global Blue not previously purchased by Shift4 in the completion of a tender offer have been cancelled and converted into the right to receive USD 7.50 per common share in cash, subject to any applicable withholding taxes. The merger was approved by the Global Blue shareholders at the extraordinary general meeting of shareholders held on 18 August 2025. Following consummation of the merger, Shift4 caused Global Blue to voluntarily delist its shares from the New York Stock Exchange. 

Niederer Kraft Frey advised Global Blue in the tender offer and the squeeze-out merger. The NKF team included Philipp Haas, Ulysses von Salis, Philip Spoerlé and Julia Tolstova (all Corporate/M&A), Adrian Koller (Banking & Finance) and Marc Vogelsang and Markus Kronauer (both Tax).