Payment technology firm Global Payments has completed its earlier announced acquisition of TSYS in an all-stock deal valuing $21.5bn.
The combined firm will operate as a pure play payments technology company serving around 3.5 million merchants. Its clientele will also include 1,300 financial institutions across 100 countries.
The deal provides Global Payments with additional exposure in 50 plus vertical markets. The company will also benefit from TSYS’ payment facilitation technologies.
Global Payments CEO Jeff Sloan said: “This industry defining partnership dovetails with our technology-enabled strategy and fortifies Global Payments’ leadership position in integrated payments, owned software, and omnichannel solutions across the most attractive markets globally.
“We share a common value of putting people first and will leverage the best of our cultures to preserve and enhance our commitment to all of our stakeholders.”
In May this year, Global Payments signed an agreement to acquire payments solutions provider TSYS. The deal offered TSYS shareholders 0.8101 Global Payments shares for each share of TSYS common stock.
Global Payments shareholders own 52% stake of the combined company, while TSYS shareholders hold the remaining interest.
With the completion, the new board of directors, comprising six members each from the two parties, also becomes effective.
The deal represents the latest combination in the payments space this year. Last month, FIS completed the purchase of UK-based payment processor Worldpay for nearly $43bn.
In July, Fiserv wrapped up a $22bn deal for First Data purchase.