Deals
Global Payments Agrees to Buy Total System Services
- Transaction is the industry’s third mega-merger of the year
- Agreement marks 20% premium from before news of talks broke
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Global Payments Inc. agreed to buy Total System Services Inc. in a deal valued at $21.5 billion, the payment industry’s third mega-merger of the year.
The transaction will create a powerhouse that provides payment technology and software to more than 3.5 million small to midsize merchants and more than 1,300 financial institutions worldwide, the two companies said in a statement Tuesday. The all-stock deal values Total System Services, or TSYS, at $119.86 a share, 20% more than its $99.62 closing price on May 23, before Bloomberg first reported deal discussions with Global Payments.