Payment technology company Global Payments Inc (NYSE:GPN) announced on Thursday that it has entered into definitive agreements to acquire payment processor Worldpay and divest its Issuer Solutions business.

Under the agreements Global Payments will divest its Issuer Solutions business to financial technology company FIS (NYSE:FIS) for USD13.5bn and acquire Worldpay from private equity firm GTCR and FIS for a net purchase price of USD22.7bn, or a total value of USD24.25bn including USD1.55bn of anticipated tax assets.

These amounts reflect a 12.3x adjusted EBITDA multiple for Issuer Solutions and an 8.5x adjusted EBITDA multiple for Worldpay on a net basis inclusive of run-rate synergies.

Global Payments said that these moves streamline its business model, establishing it as a pure play merchant solutions provider with expanded capabilities in ecommerce, enterprise, integrated and embedded payments. The combined company will serve over 6 million customers, enabling 94 billion transactions and processing USD3.7tn in annual payment volume across more than 175 countries.

Global Payments anticipates pro forma adjusted net revenue of approximately USD12.5bn and adjusted EBITDA of USD6.5bn, with projected synergies of USD600m in expenses and USD200m in revenue. Adjusted earnings per share accretion is expected within the first year post-close.

The acquisition will be financed through the USD13.5bn sale of Issuer Solutions as well as existing cash and USD7.7bn in new debt. GTCR, the current co-owner of Worldpay, will receive Global Payments stock at USD97.00 per share, representing a 15% pro forma ownership stake.

Upon closing, expected in the first half of 2026, Global Payments projects net leverage of 3.5x, targeting a reduction to 3.0x within 18 to 24 months while maintaining investment grade credit ratings.