Skadden Arps Slate Meagher & Flom and Allen & Overy (A&O) have led on the ongoing negotiations in Vantiv’s £9.3bn merger with alternative payment platform Worldpay.

Ohio-based payment company Vantiv’s bid was formally accepted by Worldpay’s board and looks set to go through subject to shareholder and regulatory approval, creating a group with a combined value of more than £22bn.

Skadden advised the US tech company on the deal with a team, led by M&A partner Scott Hopkins in London with M&A partners Peter Atkins and David Ingles in New York.

A&O M&A partner Seth Jones led the firm’s team advising Worldpay in the deal.

Ashurst acted for Morgan Stanley and Credit Suisse on the deal with corporate partners Karen Davies, Tim Rennie and finance partner Mark Vickers.

It is understood that Sidley Austin and Latham & Watkins supported with financial and regulatory advice in the United States.

If completed, the deal will see Vantiv purchase shares in Worldpay for 379p each but retain the name of the English company.

For Ashurst, is the second major online payment deal, pending shareholder approval, that the firm has advised on in the last week totaling more than £12bn following Paysafe’s proposed £3bn acquisition by Blackstone and CVC.

Davies and Rennie were also involved in that deal and Rennie said this shows an “awakening in the sector”.

Rennie told The Lawyer: “It’s difficult to know the exact reasons behind these deals with Brexit and everything else going on in the world. However, I do think that it’s the future of the tech business and follows the global spread.”

The merged company will house offices in both the US and UK with its global headquarters sitting in Ohio and its international headquarters located in London.

Worldpay first listed on the London Stock Exchange in 2015 and more than doubled its value, growing to upwards of £8bn.