US payment processing giant Global Payments has acquired a UK payments business called Takepayments, according to a Companies House filing.
The deal is said to value the Stockport-based business at more than $250m.
Global Payments is an Atlanta-based company which provides payment tech and services to merchants.
Its acquisition of Takepayments will expand its international footprint.
According to an earlier report, Global Payments was battling it out against other bidders to acquire Takepayments, which is owned by Grovepoint, the private equity firm.
Takepayments provides payment services for UK merchants and says it works with over 75,000 merchants.
According to Companies House, Takepayments reported revenues of £52.7million in 2022, up from £40.8 million a year earlier.
A filing at Companies House shows that Global Payments now holds 75% or more of the shares in Takepayments.
According to payments expert Geoffrey Barraclough, the deal brings Global Payments a strong distribution channel into UK small businesses and the opportunity to cross-sell to its 75,000 customers.
He noted that EVO Payments, which Global Payments bought last year, also has a UK ISO channel and there will be strong synergies between the two.
But Barraclough sounds a word of caution, saying:
“The days of the traditional ISO are numbered. Small businesses are less interested in renting stand-alone payment terminals and more likely to be looking for a more modern proposition in which payment processing is bundled in with their ePOS or other software.
“With Toast and Shift4 now active in the UK, Global Payments will need to move fast to transform Takepayments into a software-led sales organisation or risk losing its new customers to the competition.”
Global Payments was unavailable for comment.
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