Global Payments to Acquire EVO Payments in $4 Billion Deal
2022.08.01 17:41
Global Payments (GPN) to Acquire EVO Payments (EVOP) in $4 Billion Deal
By Sam Boughedda
Global Payments (NYSE:GPN) will acquire EVO Payments (NASDAQ:EVOP) in an all-cash transaction at $34 per share, it was revealed Monday.
Payment technology provider Global Payments will pay approximately $4 billion to acquire EVO. The price represents a premium of roughly 24% to EVO’s last closing price.
Global Payments will finance the deal with cash on hand and a committed bank facility. In addition, Silver Lake will make an investment of $1.5 billion in Global Payments via a convertible note.
The transaction is expected to close by the first quarter of 2023.
Global Payments said the deal will expand its footprint into new geographies such as Poland, Germany, Chile, and Greece. Furthermore, it will enhance its scale in existing markets, such as the US, Canada, Mexico, Spain, Ireland, and the UK.
“The acquisition of EVO is highly complementary to our technology-enabled strategy and provides meaningful opportunities to increase scale in our business globally,” said Cameron Bready, President, and Chief Operating Officer, Global Payments.
EVO Payments shares are trading 21% higher at around the $33.16 mark, while Global payments are up 2.5% on Monday.
