Global Payments and TSYS have announced that they have entered into a definitive agreement to combine in an all-stock merger of equals. The transaction creates a payments technology company at scale in the largest and most attractive financial technology markets worldwide. Combined, Global Payments and TSYS will provide payments and software solutions to approximately 3.5 million predominantly small to mid-sized (SMB) merchant locations and more than 1,300 financial institutions across more than 100 countries.

TSYS will also substantially expand Global Payments’ ecommerce and omnichannel solutions presence in the US and provide further opportunities for meaningful multinational omnichannel market share gains. Finally, Global Payments will have exposure to some of the fastest growing digital payments trends through TSYS’ issuer and consumer solutions businesses.

Upon closing, Global Payments will process in excess of 50 billion transactions annually in 38 countries physically and over 100 countries virtually, and serve nearly 3.5 million predominantly SMB merchant locations globally, with a salesforce of over 3,500 sales and sales support professionals worldwide.

The combined company is expected to generate approximately US$8.6bn in annual adjusted net revenue plus network fees and approximately US$3.5bn in adjusted EBITDA on a pro forma basis for 2019, inclusive of run-rate revenue and expense synergies.