Global Payments to buy smaller rival EVO Payments for $4 bn

Global Payments is buying smaller rival EVO Payments for nearly $4 billion including debt, as the fintech firm seeks to expand its footprint in the business-to-business (B2B) space.
VC funding for tech
EVO digitizes and streamlines B2B payments which are more complex than business-to-consumer payments as they involve dealing with several domestic and overseas merchants.

The deal would give Georgia-based Global Payments access to new markets including Poland, Germany, Chile and Greece and also help scale-up its business in existing markets such as the United States and Canada.

EVO has a sizable presence in Europe which accounted for nearly 40 percent of its revenue in the first three months this year.

The deal is expected to close by the first quarter of 2023.

Global Payments also said it would receive $1.5 billion investment from private equity firm Silver Lake in the form of convertible notes.