Georgia is a payments giant. A blockbuster deal in that world is complete.
A major deal in the world of financial technology with big Georgia ramifications has officially wrapped.
Atlanta-based Global Payments, a giant in the world of payments processing, on Monday said it has completed its purchase of rival Worldpay, a complicated deal that involved selling Global’s Columbus-based credit card-issuing business.
The deal makes Global an even bigger player in online and in-store payments, serving some 6 million locations in more than 175 countries, the company said. It will also process some $3.7 trillion in payments per year.
Global acquired Worldpay from private equity firm GTCR and Jacksonville-based financial technology company FIS. As part of the deal, FIS bought Global Payments’ Issuer Solutions business, which was formerly known as TSYS, according to a news release. TSYS was founded in Columbus as a division of the bank Synovus, which finalized its own blockbuster merger days ago.
TSYS has played a pivotal role in Georgia’s role as a payment processing hub, earning Atlanta the nickname of “Transaction Alley” because 70% of all debit, credit and digital payments are processed here.
TSYS has become a hot acquisition target since Buckhead-based Global Payments acquired it in 2019 as part of a $21.5 billion, all-stock deal. That transaction created a bigger payments processor but raised fears of job cuts in Columbus where it’s one of the city’s largest employers — concerns that were further complicated by the COVID-19 pandemic in 2020.
The credit card-issuing business sale largely unwinds a major part of the 2019 merger.
FIS will fold the former TSYS division into its Total Issuing Solutions portfolio brand, which company executives said will boost its banking arm.
“We are pleased to have closed this strategic acquisition ahead of schedule, enabling us to start 2026 in a strong position to deliver greater value to our financial institution and corporate clients,” Stephanie Ferris, CEO and President of FIS, said in a news release.
The transaction, which was first announced in April consisted of a new purchase price of $12 billion alongside $1.5 billion of new present value of tax assets. As part of the deal, FIS simultaneously completed the sale of its remaining minority stake in Worldpay to Global Payments.
The FIS portfolio has a client presence in more than 75 countries and processes more than 40 billion transactions annually. The company said TSYS expands its data set and creates “a data intelligence engine that few in financial services can match.”
“We’re looking forward to capitalizing on the unique opportunities this acquisition brings to our Banking and Payments business and building momentum through the year,” Ferris said.
About the Author
Zachary Hansen, a Georgia native, covers economic development and commercial real estate for the AJC. He's been with the newspaper since 2018 and enjoys diving into complex stories that affect people's lives.
