Global: UK watchdog clears Global Payments’ $22.7bn Worldpay acquisition

The UK’s Competition and Markets Authority (CMA) has cleared Global Payments’ $22.7 billion deal to acquire Worldpay.

Global Payments struck the blockbuster deal to buy Worldpay from GTRC and FIS while offloading its Issuer Solutions business to FIS for $13.5 billion in April.

After inviting comment on the proposed Worldpay acquisition in July, in September the CMA launched an inquiry which has now concluded.

A separate investigation into FIS’s planned acquisition of the Global Payments’ Issuer Solutions business, Tsys, has yet to conclude.

On 10 October, the watchdog rejected the merger notice on the basis that it fails to provide the prescribed information and says it will restart its formal investigation once a complete merger notice has been provided.

Announcing the deal, Global Payments said that, on a combined basis, the company will serve more than six million customers and enable approximately 94 billion transactions and $3.7 trillion in volume across more than 175 countries.

Cameron Bready, CEO, Global Payments, said: “The acquisition of Worldpay and divestiture of Issuer Solutions further sharpen our strategic focus and simplify Global Payments as a pure play merchant solutions business with significantly expanded capabilities, extensive scale, greater market access and an enhanced financial profile.”