World News: 15:11 GMT Tuesday 28th May 2019. [Yahoo Business News Feed via SPi World News]
The transaction will create a powerhouse that provides payment technology and software to more than 3.5 million small to mid-size merchants and more than 1,300 financial institutions worldwide, the two companies said in a statement Tuesday. The all-stock deal values Total System Services, or TSYS, at $119.86 a share, a 20% premium to its $99.62 closing price on May 23, before Bloomberg first reported deal discussions with Global Payments. “The pace of change in the industry driven by innovation in technology, coupled with the need to have additional scale, had made this deal a function of a matter of time,” Global Payments Chief Executive Officer Jeff Sloan said in an interview.
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