Global Payments agrees to acquire PayPros for $420M Global Payments announced an agreement to acquire Payment Processing, a provider of fully-integrated payment solutions for 58,000 small-to-medium sized merchants in the United States. Under the terms of the agreement and pending regulatory approvals and customary closing conditions, Global Payments will pay $420M in cash to acquire PayPros, inclusive of tax assets. The transaction is expected to close by the end of Global Payments' 2014 fiscal year. PayPros' calendar 2013 annual revenues are anticipated to be approximately $100M. Global Payments will provide further details when the transaction closes.
Global Payments price target raised to $90 from $80 at Oppenheimer Oppenheimer increased its price target on Global Payments as the firm thinks the company could benefit from solid regional trends, various pricing/fee opportunities and aggressive OptBlue participation. Oppenheimer says that Global Payments' fundamentals appear to be strong, while its multiple should rise as its North American margins increase. Oppenheimer keeps an Outperform rating on the shares.