Elavon, global merchant acquirer and subsidiary of U.S. Bancorp, has agreed to acquire Sage Pay, a payments gateway business in the UK and Ireland. Sage Pay is a division of The Sage Group, a FTSE-listed provider of cloud business management solutions.

The acquisition is part of Elavon’s strategy to help its business customers grow as the global economy becomes more digital, and as businesses look to streamline their operations with software that includes payments capabilities.

Elavon is currently the fourth-largest merchant acquirer in Europe with an integrated international processing platform that allows them to do business in many countries and currencies. This acquisition extends Elavon’s market share in the UK and Ireland.

The agreement was signed on November 17, 2019 and is subject to regulatory approval.