Global Payments nearing $20 billion deal to buy Total System – source
(Reuters) - Payment technology company Global Payments Inc is nearing a deal to acquire peer Total System Services Inc (TSYS) for about $20 billion(15.74 billion pounds) in an all-stock deal, a source familiar with the matter said on Friday. The transaction, which the source said could be announced as soon as Tuesday, is the latest large-scale consolidation effort by payments technology companies as industry players seek domination when spending is increasingly cashless. Both companies' stock prices jumped on news of a potential deal: by mid-afternoon on Friday, Global Payments had risen 3.4% and TSYS gained 11.4%.
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