Payments companies Global Payments and TSYS (Total System Services) have finalized a merger deal that creates a combined pure play payments technology company with substantial international presence and expansive scale, the company said in a press release on Wednesday (Sept. 18).
The collective company will use the name Global Payments and will assist some 1,300 financial institutions and about 3.5 million merchant locations in 100-plus countries.
“We are delighted to announce the completion of this landmark transaction, creating significant opportunities for our customers, partners, employees and shareholders worldwide,” Global Payments Chief Executive Officer Jeff Sloan said in the release.
“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,” he added. “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.”
Sloan will serve as chief executive officer of the newly-formed company, with Cameron Bready named as president and chief operating officer, Paul Todd becoming senior executive vice president and chief financial officer and Guido Sacchi continuing as senior executive vice president and chief information officer.
Headquartered in Georgia with over 24,000 employees worldwide, Global Payments is a pure play payments technology firm that offers global solutions and advanced software. The company is a member of the S&P 500 and trades on the New York Stock Exchange.
The $21.5 billion all-stock merger deal marks the payment industry’s third mega-merger of the year. Under the terms of the merger as it was announced earlier this year, TSYS shareholders will get 0.8101 Global Payments for each share they own. Global Payments shareholders will end up owning 52 percent of the new company while TSYS investors will own the rest.
Other big mergers and acquisitions this year include the acquisition by FIS of Worldpay for roughly $35 billion. In January, Fiserv said it was acquiring First Data in a $22 billion transaction that was completed in July.