Payment technology company Global Payments could acquire Total System Services.
Citing people familiar with the matter (and who refused to be named), a CNBC report claims that the two companies are nearing a $20 billion all-stock deal, expected to be announced Tuesday. Bank of America is advising Global Payments on the deal, according to the report.
In recent years, both Total System and Global Payments seem to be in a buying spree to bolster their respective technology capabilities and customer spectrum. In 2015, Global Payments announced plans to buy Heartland Payment Systems for roughly $4.3 billion. In 2018, the company expressed plans to acquire restaurant payment technology company SICOM Systems for $415 million. Total System, on the other hand, acquired small business solution payment company iMobile3 last year, and merchant payment company TransFirst in 2016.
Bloomberg reported that Global Payments and Total System Services were engaged in preliminary talks about the deal on Thursday.