Global Payments is closing in on a deal to acquire Britain’s Takepayments, expanding its business abroad that provides payment processing to retailers, two sources close to the matter told Reuters.
The transaction is expected to value Takepayments at more than $250 million, one of the people said, speaking on condition of anonymity.
U.S.-based Global Payments prevailed over other bidders in a sale process, the people said, adding that details of the transaction are still being finalised.
A representative for Takepayments declined to comment. Global Payments and Takepayments’ private equity owner, Grovepoint, did not respond to requests for comment.
Takepayments, which provides payment services for UK merchants, generated turnover of 52.7 million pounds in 2022, up from 40.8 million pounds a year earlier, according to Companies House filings.
It uses Barclays as its preferred partner to provide services to merchants, according to its website.
Grovepoint in 2016 bought a majority stake in Takepayments, formerly known as Payzone UK, for an undisclosed sum.
The business is led by Clive Kahn, former CEO of currency exchange group Travelex.
Source: Reuters.com