Global Payments agrees upon buying TSYS, in a 2019 “Mega-Merger” Deal

BFSI News

Global-Payments-agrees-upon-buying-TSYS-in-a-2019-“Mega-Merger”-Deal Global Payments agrees upon buying TSYS, in a 2019 “Mega-Merger” DealGlobal Payments Inc., an Atlanta, Georgia-based leading global provider of paytech software solutions, as per recent reports, has just agreed upon buying Total System Services (TSYS), a Columbus, Georgia-based credit card processor and merchant acquirer, in a $21.5 billion merger deal.

As per industry reports, this deal will be the payment industry’s third “mega-merger” deal in 2019. With this new all-stock deal, TSYS is now valued at $119.86 per share – a 20% rise ever since the merger talks surfaced. After completion of this mega-merger deal, Global Payments’ shareholders will own 52% of the combined company, while TSYS investors will own 48%. Also, reports are that TSYS’ CEO Troy Woods will be the new chairman of the combined company.

Speaking on this, Jeff Sloan, Global Payments’ CEO, who will now be leading the combined company, says, “The pace of change in the industry driven by innovation in technology, coupled with the need to have additional scale, had made this deal a function of a matter of time.”

Expectations are that the combined entity will now be providing payment technology and software to over 3.5 million small to medium-sized merchants and over 1,300 financial institutions, all around the world.

The merger deal is anticipated to close in Q4 of 2019, generating around $8.6 billion in adjusted net revenue annually plus network fees and making $300 million in cost savings.