Related topics

Global Payments to buy rival Heartland Payment for $4.3B

December 15, 2015

Global Payments Inc. said Tuesday it is buying smaller rival Heartland Payment Systems Inc. for $4.3 billion to grow in the U.S., its largest market.

Heartland, based in Princeton, New Jersey, provides credit, debit, and prepaid card processing and security technology services nationwide.

Global Payments said it will pay $100 per share in cash and stock for Heartland. That’s 18 percent above Heartland’s closing stock price and works out to 0.6687 of a Global Payments share and $53.28 in cash for each Heartland share.

Heartland shares jumped 12 percent to $95 in late trading. Shares of Atlanta-based Global Payments dipped 2 percent to $69.99.

Global Payments expects the deal to add to its earnings in the first fiscal year after it closes.

It is is subject to approval by regulators and Heartland shareholders. .

Update hourly