Global payment technology provider Global Payments will acquire fellow PayTech solution developer EVO in a $4bn deal.
As part of the deal, Global Payments will acquire EVO for $34 per share. The purchase price represents a premium of approximately 24% and 40% to EVO’s last closing price and to its 60-day average price, respectively, as of July 29, 2022.
It hopes this acquisition will increase its target addressable markets, enhance its leadership, expand its presence in new and existing geographies, and augment its B2B software and payment solutions with accounts receivable software with broad third-party acceptance.
Global Payments also stated that the deal will grow its footprint into Poland, Germany, Chile, and Greece, as well as bolster its presence in the US, Canada, Mexico, Spain, Ireland and the UK.
Global Payments president and chief operating officer Cameron Bready said, “The acquisition of EVO is highly complementary to our technology-enabled strategy and provides meaningful opportunities to increase scale in our business globally.
“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.”
Global Payments will finance the acquisition with cash on hand and a committed bank facility. Silver Lake will make a strategic investment of $1.5bn in Global Payments in the form of a convertible note.
Last year, the PayTech company acquired MineralTree, an accounts payable automation and B2B payments platform in a deal worth $500m.
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