Global Payments Completes Acquisition of Remaining Interest in Asia-Pacific Joint Venture
ATLANTA, Dec. 10, 2012 /PRNewswire/ -- Global Payments Inc. (NYSE: GPN), a leading, worldwide provider of electronic transaction processing solutions, announced today that it has completed the acquisition of the remaining 44% interest in its merchant services joint venture in Asia-Pacific from The Hongkong and Shanghai Banking Corporation Limited ("HSBC").
In 2006, Global Payments and HSBC formed a joint venture, Global Payments Asia Pacific Limited, to provide payment processing services to merchants in Asia-Pacific, in which Global Payments' ownership was 56%. Under the terms of today's agreement, Global Payments will pay HSBC a total of US$242 million. Global Payments will continue to be HSBC's preferred strategic partner for card acquiring services in Asia-Pacific, covering 11 markets.
The positive effect of this acquisition is included in the company's existing fiscal 2013 outlook.
About Global Payments
Global Payments Inc. (NYSE: GPN) is a leading provider of electronic transaction processing services for merchants, Independent Sales Organizations (ISOs), financial institutions, government agencies and multi-national corporations located throughout the United States, Canada, Europe and the Asia-Pacific region. Global Payments, a Fortune 1000 company, offers a comprehensive line of processing solutions for credit and debit cards, business-to-business purchasing cards, gift cards, electronic check conversion and check guarantee, verification and recovery including electronic check services, as well as terminal management. Visit www.globalpaymentsinc.com for more information about the company and its services.
SOURCE Global Payments Inc.