Global Payments Acquires Heartland for $4.3 Billion
Dec. 16, 2015
Atlanta-based payment processor Global Payments on Tuesday agreed to acquire Heartland Payment Systems, another large U.S. payment company, for $4.3 billion. Shareholders of New Jersey-based Heartland will receive 0.6687 shares of Global Payments Stock and $53.28 in cash for each share of Heartland stock. The combined company has 2.5 million customers worldwide, but Global Payments said in a statement it prized Heartland’s 250,000 relationships with small and midsize companies and its payment technology.
“This partnership with Heartland marks a major milestone for our company, significantly enhancing our direct presence in our largest market and transforming Global Payments into the leading provider of integrated payments technology solutions in the world,” said Jeffrey S. Sloan, CEO of Global Payments.
Heartland is the third major acquisition for Global Payments this year and by far the biggest. In January, the company paid $420 million for PayPros, which, like Heartland, provided payment processing for small and midsize merchants. In March, Global Payments completed a more card-not-present-centric deal when it acquired Irish online payment gateway provider Realex for $126 million to bolster the omnichannel capability it could deliver its merchants.
The Atlanta-based processor expects the acquisition to close before May 31, 2016 and to be accretive to earnings in 2017.