US-based worldwide provider of payment technology and software, Global Payments, is set to acquire paytech firm EVO Payments.
Global Payments will acquire EVO in an all-cash transaction for $34 per share, or $4 billion in enterprise value. The transaction will close no later than Q1 2023.
According to Global Payments, the transaction will “significantly” increase its target markets and help expand into new regions such as Poland, Germany, Chile and Greece and in existing markets including the US, UK, Canada, Mexico, Spain and Ireland.
The acquisition will also augment its B2B software and payment solutions with the addition of EVO’s accounts receivable software with third-party acceptance.
“The acquisition of EVO is highly complementary to our technology-enabled strategy and provides meaningful opportunities to increase scale in our business globally,” says Cameron Bready, president and chief operating officer (COO), Global Payments.
“Together with EVO, we are positioned to deliver an unparalleled suite of distinctive software and payment solutions to our combined 4.5 million merchant locations and more than 1,500 financial institutions worldwide.”
EVO also plans on bringing in key technology partners and proprietary integrations as part of the acquisition.
“Joining EVO and Global Payments will unite highly complementary portfolios of technology-enabled products and partnerships to create an even stronger organisation serving a broader customer base,” adds Jim Kelly, CEO of EVO.
Headquartered in Georgia with approximately 25,000 employees worldwide, Global Payments is a Fortune 500 company active in more than 170 countries throughout North America, Europe, Asia Pacific and Latin America.
EVO Payments was founded in 1989 and is headquartered in Atlanta with more than 2,400 employees serving 550,000 merchants across the world.
Image and article originally from www.fintechfutures.com. Read the original article here.