Global Payments and TSYS Announce $21.5 Billion Merger
On May 28, 2019, Global Payments and Total System Services (TSYS) announced a $21.5 billion all-stock merger, valuing TSYS at $119.86 per share—a 20% premium over its May 23 closing price. Under the terms, Global Payments shareholders will own 52% and TSYS shareholders 48% of the combined entity. The merged company is projected to generate $8.6 billion in annual adjusted net revenue plus network fees, $3.5 billion in adjusted EBITDA, and $300 million in annual cost savings.
Jeff Sloan will serve as CEO and Troy Woods as chairman, with dual headquarters in Atlanta and Columbus, Georgia. TSYS's issuer solutions business will retain the TSYS brand. The transaction was expected to close in Q4 2019.
The merger positions the combined firm as a pure-play payments technology company with enhanced e-commerce and omnichannel capabilities, following similar large-scale consolidations in 2019 including FIS's $34 billion Worldpay acquisition and Fiserv's $22 billion First Data purchase.
- Accelerates consolidation among payments infrastructure providers, reducing the number of independent processors available to fintechs and banks for BaaS partnerships.
- The combined entity's scale across issuer solutions, merchant acquiring, and omnichannel payments strengthens its position as a key enabler of embedded finance for financial institutions.