UK CMA launches investigation into Global Payments, Worldpay merger
The UK Competition & Markets Authority on Tuesday said it has launched an investigation into payment technology firm Global Payments Inc’s planned $24.25 billion acquisition of Worldpay Holdco LLC.
Back in April, Global Payments agreed to divest its Issuer Solutions business to Fidelity National Information Services Inc for $13.5 billion. FIS is a Jacksonville, Florida-based financial products and services company.
Atlanta, Georgia-based Global Payments also agreed to acquire Worldpay, the payment processing company owned by FIS and Chicago, Illinois-based private equity firm GTCR LLC.
The net purchase price of the acquisition is $22.7 billion, for a total value of $24.25 billion, including $1.55 billion of anticipated tax assets.
In July, the UK’s market watchdog issued a preliminary invitation to comment on the merger, with it deciding to launch a merger inquiry on Tuesday this week.
The CMA noted a deadline of November 11 for its phase one decision.
Shares in Global Payments were 0.1% lower at $84.08 during pre-market dealings in New York on Tuesday, while FIS shares closed were flat at $66.93, having closed up 0.1% on Monday.
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