CD&R and GTCR Explore Take-Private of Global Payments

✦ Meridian Analysis

Clayton Dubilier & Rice and GTCR are reportedly discussing a take‑private of Global Payments, a U.S. payments‑processing firm with an enterprise value of about $40 billion. The company’s market capitalisation stood at roughly $23 billion on Friday, and it carries more than $17 billion of net debt, meaning any acquisition would likely require a premium. GTCR became Global Payments’ largest outside shareholder after accepting cash and shares in Global Payments’ acquisition of Worldpay for more than $24 billion. The deal remains at the rumour stage, with no formal offer, price, or multiple disclosed, and the parties have not announced any advisers or a timetable. Global Payments’ shares rose over 9 % after the report. The prospect of a $40 billion LBO would rank among the largest leveraged acquisitions on record. What remains undisclosed is the precise structure of the transaction, the financing package, and whether any regulatory approvals would be required. No price or multiple has been announced, and the parties have not named any advisers. Deal professionals will be watching for any official confirmation, the emergence of competing bids, and the timeline for potential regulatory scrutiny.

The Meridian Weekly