Clayton Dubilier & Rice (CD&R) is working with GTCR, Global Payments’ largest shareholder, on a potential $40bn leveraged buyout of the payment processor, which has seen its shares slide to near‑decade lows after a string of poor results. Global Payments, which carries over $17bn of net debt and currently trades at a $23bn market cap, would likely command a premium that would eclipse Blackstone’s $26bn Hilton acquisition. Shares jumped more than 9% after the Financial Times reported the talks, which are still preliminary and may not close. The move follows a contentious $24bn Worldpay acquisition in 2025 that strained the balance sheet and sparked shareholder backlash, prompting activist Elliott Management to secure board representation. Meanwhile, the broader payments sector is under pressure from tech‑focused rivals such as Adyen and Stripe, with recent high‑profile deals like Advent International’s $53bn PayPal overture stalling. CD&R and GTCR declined to comment, and Global Payments has not responded.
Key entities involved include CD&R, GTCR, Global Payments, Elliott Management, and major competitors Adyen and Stripe. The deal would be one of the largest LBOs in history, highlighting the volatile nature of the payments industry as traditional firms grapple with rapid technological disruption.
Source: Financial Times Companies · Summarized by HeadlinesBriefing