WASHINGTON (dpa-AFX) - Payment technology company Global Payments Inc. (GPN) is planning to buy peer Total System Services for about $20 billion, in an all-stock deal, according to CNBC.
The report notes that shares of Columbus, Georgia-based Total System Services are up to 23% year to date, giving the company a market capitalization of $17.6 billion. Atlanta-based Global Payments has traded up 45% during the same period and holds a current market capitalization of $23.3 billion.
The combined company plans to refinance. Bank of America will lead the refinance and is advising Global Payments on the deal.
Recently, financial technology provider Fiserv announced plans in January to buy payment processor First Data in a deal worth $22 billion, while in March, fintech group Fidelity National Information Services announced plans to buy Worldpay for roughly $35 billion.
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