EVO Payments Shuns Acquisition by Shift4 Payments

Global merchant acquirer and payment processor EVO Payments has turned down an acquisition offer by payment processing solution firm Shift4 Payments, Bloomberg reported on Wednesday (Nov. 17), citing unnamed sources familiar with the situation.

It’s uncertain if Shift4 Payments will make another offer for EVO, the sources said, adding that the matter is not yet public.

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The payments space has been on an upward trajectory and had been swiftly growing even before the COVID-19 pandemic accelerated the necessary move away from cash and towards digital and other forms of contactless payments.

Many businesses reaped perks from the pivot to card-based and digital payment transactions, and many tapped upwardly-trending stock prices to go all-in on acquisitions. PayPal, for example, had reportedly been in talks to buy Pinterest.

Read more: Shift4 Payments Rebrands 3dcart, Launches eCommerce Platform Shift4Shop

Shift4 said in a blog post on Wednesday (Nov. 17) that “in response to media reports” regarding its possible purchase of EVO Payments, it wanted to clarify that an acquisition isn’t being pursued right now.

The post clarified that “while Shift4 has tremendous respect for the EVO team given their mutual 20+ year history in the industry,” the company’s present mergers and acquisitions priorities are focused elsewhere. Rather, Shift4 is putting its support behind “new growth verticals” that were revealed Nov. 10 at its Investor Day.

“Deploying capital to fulfill the demand generated by these signature wins best positions us to continue our industry-leading growth and maximize long-term shareholder value,” Shift4 CEO Jared Isaacman said in the post.

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With business activities in 50 markets, EVO transacts in over 150 currencies worldwide and is one of the biggest fully integrated merchant acquirers and payment processors anywhere around the globe. Headquartered in Atlanta, Georgia, EVO plans to continue pursuing the best innovations and growing its footprint across the most promising new markets.

Headquartered in Allentown, Pennsylvania, Shift4 Payments also has offices in Las Vegas, Nevada, and is striving to “change the way experiences commerce,” according to its website.