ATLANTA — Atlanta-based Global Payments announced it is buying a private banking company for nearly $23 billion.
Global Payments, which provides payment technology and software solutions, announced it would be divesting its Issuer Solutions business for $13.5 billion and acquiring Worldpay for a net purchase of $22.7 billion.
The company said the total value would be $24.25 billion, including $1.55 billion of anticipated tax assets.
Global Payments said in a statement that its services and Worldpay’s complement each other when it comes to payments, software and commerce enablement solutions for merchants and partners.
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As a result, the purchase said it will help expand its global reach and scale, “enabling approximately 94 billion transactions” worth $3.7 trillion in more than 175 countries.
“Today marks a defining day for Global Payments and a pivotal milestone in our journey to become the worldwide partner of choice for commerce solutions. The acquisition of Worldpay and divestiture of Issuer Solutions further sharpen our strategic focus and simplify Global Payments as a pure play merchant solutions business with significantly expanded capabilities, extensive scale, greater market access and an enhanced financial profile,” said Cameron Bready, chief executive officer.
Bready said the company was excited about the future and the partnership with FIS, which owned Worldpay along with GTCR.
“We are excited to enter this next phase of Worldpay’s evolution by uniting with Global Payments to create something special in the payments industry,” Charles Drucker, chief executive officer at Worldpay, said in part. “Our solutions will enhance value for our customers, especially for Worldpay’s small and medium-sized businesses.”
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