for about $20 billion, in an all-stock deal that is expected to be announced Tuesday, people familiar with the matter tell CNBC.Total System's stock skyrocketed after the CNBC report. In early afternoon, it was up nearly 14%; Global Payments stock gained 3.4%.
Global Payments declined to comment, while Total System Services did not respond to a request for comment. Shares of Columbus, Georgia-based Total System Services, commonly known as TSYS, are up to 23% year to date, giving the company a market capitalization of $17.6 billion. Atlanta-based Global Payments has traded up 45% during the same period and holds a current market capitalization of $23.3 billion.will lead the refinance and is advising global payments on the deal. A Bank of America spokesman declined to comment.
The deal would mark the latest in a flurry of activity in the payment technology space. Financial technology provider
Total System’s stock is up more than 16% on the news.
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