Global Payments’ Enterprise Value Nears $40 Billion in Early Takeover Talks
Key Facts
Private equity firm CD&R is considering joining GTCR in a joint bid to acquire Global Payments, which was valued at about $40 billion on an enterprise value basis, according to a report cited by Reuters from the Financial Times. Reuters said the talks remain at an early stage and may not result in a deal, and that it could not independently verify the newspaper’s report. No bid or definitive agreement has been announced, making a takeover a possibility rather than an existing deal. GTCR is Global Payments’ largest shareholder, and its participation could be an important factor in the talks. The company’s shares rose more than 11% in afternoon trading on October 30 following the reports, Reuters said.
One potential obstacle is the amount of debt and financing needed to complete any deal. William Blair analysts estimated Global Payments’ net debt at about $22 billion and said it could pose a hurdle, particularly with interest rates elevated. The analysts estimated GTCR’s stake at about 15% of the company’s shares at $97 a share. The stake gives GTCR a significant position among shareholders, but does not in itself mean an agreement has been reached with CD&R or the other parties. The two firms declined to comment on the report, while Global Payments did not immediately respond to Reuters’ request for comment.
The talks come as the stock faces a steep decline from its previous peak. Reuters noted that shares had fallen more than 60% from the record high they reached in 2021, and put the company’s market capitalization at about $23 billion, according to LSEG data. GPN shares closed at $96.84 on October 30, according to EL7 data. The stock’s performance was affected in 2025 when Global Payments agreed to buy rival Worldpay from FIS and GTCR in a deal valued at more than $24 billion. Reuters said the shares fell at the time amid investor objections to the deal price and the additional debt it would entail.
Global Payments completed its acquisition of Worldpay on January 9, 2026, for about $6.2 billion in cash and the issuance of 43,268,041 new shares, according to the company’s filing with the U.S. Securities and Exchange Commission. In another filing, the company said GTCR received about $6.0 billion in cash and 42.8 million Global Payments shares as part of the Worldpay deal. Elliott Investment Management built a large stake in the company during 2025, increasing pressure on it to justify the deal, according to Reuters. This background places GTCR’s ownership and role in the current talks in the context of its earlier investment in Worldpay. It also makes the results of integrating the acquired company part of the picture investors will assess as they follow news of a potential takeover.
In its second-quarter 2026 results, Global Payments reported revenue of $3.32 billion under generally accepted accounting principles and adjusted net revenue of $3.16 billion. The company said adjusted net revenue rose 4% on an adjusted comparable basis. Adjusted earnings per share were $3.46, up 12%, and the company said it had returned $1.2 billion to shareholders year to date through the results announcement. Chief Executive Cameron Bready described the results as in line with expectations and said the company had made progress integrating Worldpay. These figures provide a performance backdrop ahead of the company’s next quarterly results.
The company cut its fiscal 2026 outlook in light of the ongoing conflict in the Middle East and its impact on its travel portfolio, forecasting adjusted net revenue growth of between 4% and 5% and adjusted earnings per share of between $13.60 and $13.80. Global Payments is scheduled to report third-quarter results before the market opens on November 5, 2026. The company will hold a live audio webcast to discuss the results at 8:00 a.m. Eastern time. The results and updated outlook are the company’s next scheduled disclosure after reports of the talks emerged. The outcome of the talks remains uncertain and may not lead to an agreement.