Sam is a professional trader and the lead stock market news writer at AskTraders. After starting his career in the forex market, Sam now focuses on gold and stocks with a preference for fundamental and macroeconomic analysis.
On Wednesday, Global Payments (NYSE: GPN) announced that it has agreed on a deal to buy MineralTree, a provider of accounts payable automation and business-to-business (B2B) payments solutions, from an investor group led by Great Hill Partners.406 Ventures and Eight Roads Ventures.
Global Payments will acquire MineralTree for $500 million in cash. The company will finance the deal with its existing credit facility and cash on hand.
“MineralTree’s cloud native solutions substantially expand Global Payments’ target addressable markets and provide significant incremental avenues for growth in one of the most attractive technology markets,” Global Payments said in a statement.
The transaction is expected to close in the fourth quarter of 2021.
“B2B reinforces each of the legs of our strategic stool, including software primacy, a leading ecommerce franchise and an unmatched presence in many of the most attractive markets worldwide,” said Jeff Sloan, CEO of Global Payments.
“Post our merger with TSYS in 2019, we have many of the elements of a successful B2B offering. The addition of MineralTree’s digitized payables solutions enhances our B2B product suite and expands our opportunity set in one of the largest and most underpenetrated markets in software and payments,” added Sloan.
Global Payments shares are up 0.31% premarket at $159.10. Its shares have fallen over 26% in 2021.
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