-=EVO Payments (EVOP) to be acquired by Global Payments (GPN) for $34.00 per share

 

EVO Payments to be acquired by Global Payments (GPN) for $34.00 per share 

• Global Payments (GPN) and EVO Payments (EVOP) announced that Global Payments will acquire EVO in an all-cash transaction for $34.00 per share.
• The transaction has been unanimously approved by each company's Board of Directors. Pursuant to the terms of the merger agreement, Global Payments will acquire the outstanding equity of EVO for $34.00 per share in cash ($4.0 billion of enterprise value for EVO). The purchase price represents a premium of approximately 24% and 40% to EVO's last closing price and to its 60-day average price, respectively, as of July 29, 2022.
• Global Payments expects to finance the acquisition with cash on hand and a committed bank facility. Silver Lake will make a strategic investment of $1.5 billion in Global Payments in the form of a convertible note. In connection with the investment by Silver Lake, and subject to market conditions and other factors, Global Payments expects to enter into a call spread or other derivative transaction designed to raise the effective conversion premium of the convertible note.
• The transaction, which is subject to EVO stockholder approval, regulatory approvals and other customary closing conditions, is expected to deliver $125 million of run-rate synergies and be accretive in the first year after close. The transaction is expected to close no later than the first quarter of 2023.