Global Payments is taking important steps to streamline its operations by agreeing to sell its payroll unit to fintech company Acrisure for $1.1 billion.
This divestiture is part of Global Payments’ strategy to focus exclusively on merchant solutions and eliminate non-core businesses. Earlier in April, the company announced a significant acquisition of Worldpay from GTRC and FIS for $22.7 billion, while divesting its Issuer Solutions business to FIS for $13.5 billion. Additionally, last year, Global Payments sold its medical software division, AdvancedMD, for $1.13 billion.
CEO Cameron Bready expressed satisfaction with the ongoing transformation, stating, “I am pleased with the progress we are making with our transformation program as we move aggressively to simplify our business and enhance value for shareholders.”
As part of the payroll transaction, Global Payments has established a mutual referral agreement and a long-term commercial partnership with Acrisure, allowing for continued delivery of human capital management and payroll services to its merchant clients. The proceeds from this deal, which is expected to close in the second half of the year pending regulatory approval, will be used to return capital to shareholders.