Key Takeaways
- • Buyout firms CD&R and GTCR have dropped their pursuit of Global Payments (GPN.N), according to two people familiar with the matter, per Reuters.
- • The talks were in early stages and did not advance given the complexities of arranging a take-private of this scale.
- • The Atlanta-based payments processor, with a market value of about $26.4 billion, was a potential one of the largest leveraged buyouts in the payments sector.
- • The firms could revisit the talks later, or another suitor could emerge, the people said.
- • Higher borrowing costs and tougher financing markets for mega-deals are weighing on large buyouts.
Summary
Private equity firms CD&R and GTCR have dropped their pursuit of Global Payments, according to two people familiar with the matter, Reuters reported on November 12. The buyout consortium walked away from talks to acquire the payments processor after exploring a potential deal over the past several weeks. The talks were in early stages and did not advance given the complexities of arranging a take-private of this scale, prompting the firms to put their efforts on hold, the people said.
The end of the discussions removes one of the largest potential leveraged buyouts in the payments sector. Buyout firms are grappling with higher borrowing costs and tougher financing markets for mega-deals, and lenders are scrutinizing leverage levels for large buyouts amid market volatility. The people said CD&R and GTCR could resume talks at a later date, or another buyer may emerge. CD&R declined to comment, and Global Payments and GTCR did not immediately respond to requests for comment.
Global Payments, which has a market value of about $26.4 billion, is one of the world's largest payments processors, serving merchants with card and digital payments as well as software and technology services. The company has faced slower growth in some business lines, intensifying competition and investor demands to improve profitability. It has already been reshaping its portfolio: in April 2025 it agreed to acquire Worldpay from FIS and GTCR in a transaction valued at more than $24 billion, while simultaneously agreeing to sell its issuer-solutions business to FIS, with the aim of sharpening its focus on merchant services.
Reuters also noted that earlier this year a consortium of Stripe and Advent International walked away from its pursuit of PayPal after submitting a bid valuing the company at more than $53 billion. A takeover of Global Payments would have ranked among the largest private equity transactions attempted this year.
The end of the discussions removes one of the largest potential leveraged buyouts in the payments sector. Buyout firms are grappling with higher borrowing costs and tougher financing markets for mega-deals, and lenders are scrutinizing leverage levels for large buyouts amid market volatility. The people said CD&R and GTCR could resume talks at a later date, or another buyer may emerge. CD&R declined to comment, and Global Payments and GTCR did not immediately respond to requests for comment.
Global Payments, which has a market value of about $26.4 billion, is one of the world's largest payments processors, serving merchants with card and digital payments as well as software and technology services. The company has faced slower growth in some business lines, intensifying competition and investor demands to improve profitability. It has already been reshaping its portfolio: in April 2025 it agreed to acquire Worldpay from FIS and GTCR in a transaction valued at more than $24 billion, while simultaneously agreeing to sell its issuer-solutions business to FIS, with the aim of sharpening its focus on merchant services.
Reuters also noted that earlier this year a consortium of Stripe and Advent International walked away from its pursuit of PayPal after submitting a bid valuing the company at more than $53 billion. A takeover of Global Payments would have ranked among the largest private equity transactions attempted this year.
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