Global Payments Inc. agreed to buy Evo Payments Inc. for about $1.6 billion in cash to expand into new markets in Europe and South America.
Global Payments will pay $34 a share, according to a statement Monday. That’s about 24% higher than the closing price Friday and roughly 40% above the stock’s 60-day average price.
The payments sector has been consolidating following a period of rapid growth that accelerated when the pandemic intensified consumers’ shift away from using cash. Global Payments last year agreed to buy real estate software company Zego from Vista Equity Partners in an all-cash transaction valued at $925 million.
Read more: BNN Bloomberg
