British payments processing firm Worldpay Group has agreed to be acquired by Vantiv, an American merchant acquirer and payments processing firm, for £7.7 billion ($9.9 billion), Worldpay confirmed Wednesday. "The Boards of Worldpay and Vantiv see compelling strategic, commercial and financial rationale for combining Worldpay and Vantiv's complementary businesses," a joint news release issued Wednesday by the two payments companies said, "the Potential Merger creates a scale world class payments group in a dynamic market, with deep payments capabilities, product and vertical expertise and strong distribution channels to serve merchants around the world in the global ecommerce market, and in-store and online in the UK and US markets." According to the release, the newly-formed combined group will bring together executive leadership from both companies. Vantiv CEO Charles Drucker will serve as Executive Chairman and Co-CEO with Worldpay CEO Philip Jansen serving as Co-CEO of the combined group as well. Stephanie Ferris, current CFO of Vantiv, will serve as CFO to the combined group, the statement said. The companies are now beginning a due diligence process with British regulators that will be completed by August 1st, and while the statement detailed a share price of £3.85 per Worldpay share, exact prices will depend on Vantiv's share price when or if the deal closes, TechCrunch reported. The companies also announced that upon completion of the merger, Worldpay shares will be delisted from the London Stock Exchange; Vantiv stock, the "ultimate holding company of the Combined Group" according to the statement, will remain on the New York Stock Exchange.