World Economy

Buying a Rival

Buying a RivalBuying a Rival

Global Payments Inc. agreed to buy smaller rival Heartland Payment Systems Inc. for about $4.3 billion as card-processing companies consolidate and adapt to new technology, Bloomberg reported. Heartland shareholders will receive 0.67 share of Global Payments stock and $53.28 for each share of Heartland stock, for a transaction value of $100 a share, the companies said Tuesday in a statement. Heartland climbed 11% to $94.33 in extended trading in New York, while Atlanta-based Global Payments slid 2.3% to $69.75. “The combination of Global Payments and Heartland will be transformative for the worldwide payments industry,” Robert O. Carr, chief executive officer of Princeton, New Jersey-based Heartland, said in the statement.