The plot thickens in the world of cross-border payments and tax-free shopping. 

Shift4 Payments (NYSE: FOUR) has just extended its tender offer to acquire Global Blue (NYSE: GB), a move that pushes the deal one step closer to the finish line.

With over 96% of shares already tendered, the acquisition of Global Blue is looking more like a when than an if. 

But what does this mean for Global Blue shareholders, the luxury travel retail ecosystem, and the future of fintech-enabled tax-free shopping?

Why is Global Blue’s Business Yours?

If you’ve ever shopped luxury abroad and claimed VAT refunds, chances are you’ve used Global Blue’s services, whether you knew it or not.

Headquartered in Switzerland, Global Blue is a market leader in tax-free shopping solutions, refund processing, and dynamic currency conversion. In plain terms, they make international shopping smoother for tourists and more profitable for merchants.

Their presence is massive across Europe and Asia, the major markets for luxury brands and international travel. That’s a powerful position, especially as global tourism rebounds.

Shift4 Wants in, and the Deal is Almost Done

Back in February 2025, Shift4 announced its intent to acquire Global Blue in an all-cash transaction. 

As of early May 2025, an eye-popping 96.65% of Global Blue shares have been tendered, well above the required 90% threshold.

Shift4 is still waiting on a few regulatory approvals in various jurisdictions. To buy some time, they’ve pushed the deadline to May 20, 2025, with the option to extend again if necessary.

Global Blue is fully on board, having unanimously recommended that shareholders support the deal.

It Could be a Game-Changer for Global Blue

Primarily, Shift4 brings advanced commerce and payment tech that can supercharge Global Blue’s offerings. And with Shift4’s footprint in North America and Global Blue’s dominance in Europe/Asia, this is a fintech marriage made in heaven.

With nearly all shares already tendered, there’s strong backing from Global Blue investors.

If you’re holding GB stock, you’re likely looking at a smooth exit in cash, if regulatory hurdles don’t drag this out too long.

The big unknown is how long it will take to secure remaining approvals. Any delays could extend the process into late Q3. Will Shift4 fully absorb Global Blue, or let it operate semi-independently? The structure will impact how the brand evolves. Watch how this deal shifts competitive dynamics in luxury travel retail, particularly as new payment players circle the space.