U.S. processor Vantiv and London-based Worldpay have reached agreement on the terms of their proposed merger, the companies announced today (August 9).

The combination of the two companies will result in a massive global payments powerhouse that will go by the name Worldpay.

The transaction values Worldpay at $12 billion.

The new company, which will be valued at $28.8 billion, will process $1.5 trillion in payments volume with 40 billion annually, according to the announcement. It handles more than 300 payment methods and 126 currencies across 146 countries.

“This is a merger of two world class payment companies, which will create a global omni-commerce leader, with substantial opportunities to capitalize on the rapid evolution of payments,” Philip Jansen, chief executive officer of Worldpay, said in a release.

“The growth of eCommerce and the way consumers expect to transact is increasing complexity for businesses around the world. Our unique combination of scale, innovation, technology, and global presence will mean that we can offer more payment solutions to businesses, whether large or small, global or local, enabling them to meet consumers’ increasing demands and helping them prosper,” he said.

Corporate headquarters for the new Worldpay will be in Cincinnati, Ohio, where Vantiv is currently based. London will house the company’s international headquarters.

The companies expect the merger to close in early 2018.