Global Payments, a U.S. payments technology and software solutions company, is close to signing an agreement to buy rival Total System Services.
The $20 billion all-stock transaction is expected to be announced on Tuesday.
More so, the combined company plans to recapitalize. Bank of America will lead the refinance and is advising Global Payments on the deal.
Total System Services has a market capitalization of $17.6 billion whereas Global Payments is currently valued at $23.3 billion.