Global Payments is continuing its strategic pivot to a streamlined, merchant-focused operation by selling its payroll unit to fintech Acrisure in a $1.1 billion deal. The move is part of a broader effort to offload non-core assets and sharpen its identity as a pure-play merchant solutions provider.
The sale follows a series of major transactions, including the company’s April acquisition of Worldpay for $22.7 billion and the concurrent sale of its Issuer Solutions business to FIS for $13.5 billion. Just last year, Global Payments also divested its medical software business, AdvancedMD, for $1.13 billion.
CEO Cameron Bready emphasized the company’s commitment to 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 divestiture, Global Payments will enter into a mutual referral agreement and long-term commercial partnership with Acrisure. This will ensure that payroll and human capital management offerings remain available to its merchant customers through Acrisure’s services.
The proceeds from the sale, which is expected to close in the second half of the year pending regulatory approval, will be returned to shareholders as part of Global Payments’ ongoing commitment to value creation.