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Global Payments to Acquire PayPros

January 29, 2014

Global Payments Inc. announced an agreement to acquire Payment Processing, Inc. In a release on Jan. 24 , the Company said that under the terms of the agreement and pending regulatory approvals and customary closing conditions, Global Payments will pay $420 million in cash to acquire PayPros, inclusive of tax assets. The transaction is expected to close by the end of Global Payments' 2014 fiscal year. PayPros' calendar 2013 annual revenues are anticipated to be approximately $100 million . Global Payments will provide further details when the transaction closes. Refinancing Global Payments also announced that it plans to expand its current credit lines to support its ongoing capital deployment and growth strategies. The company expects this expansion to be completed in the company's fourth fiscal quarter of this year. Global Payments' President and CEO Jeffrey Sloan said, "Our acquisition of PayPros will expand our direct distribution, add new vertical markets, accelerate growth in our largest geography and further enhance our existing integrated solutions business with the addition of PayPros' talented team." Chuck Smith , Founder and CEO of PayPros, said, "I am very pleased to announce this partnership with Global Payments . This transaction is the culmination of nearly two decades of hard work and vision at PayPros. I am confident that Global Payments will be a fantastic partner for our customers and employees." "We are very excited to be joining the Global Payments team. The strength of Global Payments' distribution combined with our differentiated service offering will accelerate value delivery to our partners and provide opportunities for growth over the long- term," said PayPros President Eddie Myers . Global Payments Inc. is a provider of payment processing services. PayPros is a payments technology company. ((Comments on this story may be sent to ))

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Source: Professional Services Close - Up

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