Join +750K new investors every month who copy stock picks from billionaire's portfoliosSign Up Free

Global Payments nears deal for Britain's Takepayments, sources say

Published 13/02/2024, 15:09
© Reuters.
GPN
-

By Amy-Jo Crowley and Pablo Mayo Cerqueiro

LONDON (Reuters) - 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 (LON:BARC) 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.

Latest comments

Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2024 - Fusion Media Limited. All Rights Reserved.