Global Payments gets green light to acquire Heartland Payment Systems
US-based payment processor Global Payments is to acquire Heartland Payment Systems for $3.8 billion in cash and stock, as approved by the Heartland stockholders.
About 29.7 million shares were voted in favour of the merger proposal. The vote represents approximately 99% of the total Heartland shares which voted on the merger proposal and 80% of the total outstanding Heartland share count. The transaction remains subject to customary closing conditions.
The official announcement follows on from December 2015, when Global Payments had announced its intention to take over fellow payments provider Heartland.
According to The Nilson Report, an industry trade publication and data service, Global Payments had around 3% of the global transactions processing market in 2014, while Heartland had approximately 2%.