Global Payments plans to acquire Payment Processing (PayPros). PayPros, based in California, is a provider of fully-integrated payment solutions for 58,000 small-to-medium sized retailers in the U.S.
Under the terms of the agreement and pending regulatory approvals and customary closing conditions, Global Payments will pay $420 million in cash to acquire PayPros, inclusive of tax assets. The transaction is expected to close by the end of Global Payments' 2014 fiscal year. PayPros' calendar 2013 annual revenues are anticipated to be approximately $100 million. Global Payments will provide further details when the transaction closes.
"Our acquisition of PayPros will expand our direct distribution, add new vertical markets, accelerate growth in our largest geography and further enhance our existing integrated solutions business with the addition of PayPros' talented team," said Jeffrey S. Sloan, president and CEO of Global Payments.