Payment processing company Global Payments is buying Cincinnati-based rival Worldpay for more than $22 billion to expand its global footprint.
The move bolsters the financial technology company, enabling about 94 billion transactions and $3.7 trillion in payment volumes across more than 175 countries.
Payment processing companies, which include household names Visa and Mastercard, facilitate financial transactions between customers, businesses and banks. Consumer and business demand for electronic payments and banking has fueled growth within the sector.
Atlanta-based Global Payments is paying $22.7 billion in cash and stock in a three-way deal involving private equity firm GTCR and financial technology company FIS.
Global Payments will sell its Issuer Solutions unit to FIS as part of the deal. GTCR will hold a 15% stake in Global Payments following the deal.
Global Payments said it expects to earn $2.69 per share for its first quarter, matching Wall Street forecasts.
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