The merger between Global Payments and TSYS is expected to create a major pure play payment technology company with operations across the world.
Headquartered in Atlanta, Global Payments offers a range of solutions that enables its customers to accept all payment types and operate their businesses more efficiently in a variety of distribution channels in various global markets.
TSYS, which is headquartered in Columbus, offers payment, processing, merchant, and other payment services.
Post-merger, the combined payment technology company will process more than 50 billion transactions annually across 38 countries physically and over 100 countries virtually. To operate under the name Global Payments, the enlarged company will cater to close to 3.5 million predominantly SMB merchant locations worldwide and will have a salesforce of more than 3,500 sales and sales support professionals.
TSYS is expected to significantly expand the ecommerce and omnichannel solutions presence of Global Payments in the US while giving further scope for meaningful gains in multinational omnichannel market share.
Global Payments, through the acquisition, will also gain exposure to some of the fastest growing digital payments trends through TSYS’ issuer and consumer solutions businesses.
Global Payments CEO Jeff Sloan said: “The combination of Global Payments and TSYS establishes the leading pure play payments technology company with unparalleled vertical market and payment software capabilities and ecommerce and omnichannel solutions, operating at scale in fast growing markets globally.
“This transformative partnership accelerates our technology-enabled, software-driven payments strategy and provides exposure into attractive and complementary businesses, while enhancing our financial strength and flexibility.”
As per the merger terms, TSYS shareholders will exchange each of their shares with 0.8101 of Global Payments shares. Post-merger, Global Payments shareholders will hold a stake of 52% in the combined payment technology company, while TSYS shareholders will own the remaining stake of 48%.
TSYS chairman, president and CEO Troy Woods said: “In this exciting merger of equals, our new company will truly be a payments powerhouse that is perfectly poised to lead the industry in delivering merchant, issuer and consumer payments technology, solutions and service to our customers.
“Our companies share common values, a strong culture of putting people first, and a relentless commitment to doing the right thing, making this combination the perfect fit.”
The merger, which will be subject to regulatory approvals, shareholders’ approvals and other customary closing conditions, is anticipated to be completed in the fourth quarter of 2019.
