EVOP - Global Payments to acquire EVO Payments for $34/share in cash
- Global Payments ( NYSE: GPN ) and EVO Payments ( NASDAQ: EVOP ) announced that Global Payments will acquire EVO in an all-cash transaction for $34/share in cash indicating a $4B enterprise value for EVO.
- The purchase price represents a premium of ~24% to EVO's last closing price as of July 29, 2022.
- Global Payments expects to finance the acquisition with cash on hand and a committed bank facility; Silver Lake will make a strategic investment of $1.5B in Global Payments in the form of a convertible note.
- The transaction will significantly increase Global Payments’ target addressable markets, further enhance its leadership in integrated payments worldwide, expand its presence in new and existing faster growth geographies.
- Also, the company's geographic footprint will expand into new geographies such as Poland, Germany, Chile, and upon closing, Greece, as well as enhance its scale in existing markets.
- The transaction is expected to deliver $125M of run-rate synergies and be accretive in the first year after close which is expected in Q1 of 2023.
- Shares trading 1.8% higher premarket.
For further details see:
Global Payments to acquire EVO Payments for $34/share in cash