Global Blue is a technology and payments company that processes tax-free shopping (TFS) and currency conversion services for international travelers. The TFS business, which generates roughly 76% of revenue, sits at the center of the VAT refund process: Global Blue equips merchant stores with issuing software to identify eligible international shoppers, validates transactions with customs authorities, and handles the VAT refund back to the shopper, keeping a fee that it splits with the merchant. Global Blue operates across more than 300,000 merchant locations in over 40 countries, primarily in Europe and Asia Pacific, and holds roughly 70% global TFS market share. The payments segment (~18% of revenue) primarily offers dynamic currency conversion (DCC) and multi-currency pricing, allowing international shoppers to pay in their home currency at the point of sale; Global Blue earns a transaction fee shared with the acquiring bank and merchant. A smaller Post-Purchase Solutions segment (~6% of revenue) offers e-commerce returns management, digital receipts, and post-purchase tracking to retailers. Global Blue is a B2B2C business: it signs long-term agreements with merchants, who use Global Blue's platform to attract and serve international shoppers. The cost base is roughly 60% fixed, giving the business high operating leverage. Key growth drivers include geographic expansion, a pending Japanese regulatory shift expected to increase TFS volumes, and continued digitalization to improve shopper conversion rates. Global Blue has agreed to be acquired by Shift4 Payments at an enterprise value of ~$2.5B.