Global Payments Inc. acquires EVO Payments, Inc. (2023)

Deal facts

Buyer: Global Payments Inc.
Target: EVO Payments, Inc.
Deal value: Not disclosed
Announced: 24 March 2023
Status: Completed
Sector: Financial Services
Country: United States
Consideration: cash

Sources

SEC_EDGAR_8K

What we know

Weekly digest

Join Exit Mode Insider

Ten deal briefs a week, founder commentary, and the patterns worth paying attention to.

Join Exit Mode Insider, £12/mo

Deal timeline

1 update

24 Mar 2023CompletedClosed
Global Payments Inc. completes acquisition of EVO Payments, Inc.
Introductory Note This Current Report on Form 8-K is being filed in connection with the completion on March 24, 2023 (the “Closing Date”) of the transactions contemplated by that certain Agreement and Plan of Merger, dated as of August 1, 2022 (the “Merger Agreement”), by and among EVO Payments, Inc., a Delaware corporation (“EVO” and following the consummation of the Merger, the “Surviving Corpor
Source

OpinionExit Mode editorial

We see a clear signal in the completed acquisition of EVO Payments by Global Payments Inc. announced on 24 March 2023. This transaction in the financial services sector moved from announcement to completion without a disclosed monetary value, yet the mechanics speak volumes. The deal was structured as a going private transaction funded entirely by cash. This specific combination of a cash offer and a going private status suggests the buyer sought to remove the target from public markets to streamline operations or restructure without the scrutiny of quarterly reporting. For the SME founder reading this, the absence of a public price tag is not unusual in private buyouts, but the all-cash nature removes the uncertainty of share price fluctuations that often plague mixed consideration deals.

The regulatory context for such a cross-border move between two US entities is significant. While the deal closed, any competition authority review would have focused on market concentration within the payments processing landscape. In the UK and EU, similar transactions often trigger a CMA or European Commission investigation if turnover thresholds are met. The fact that this deal proceeded implies that competition concerns were either non-existent or resolved satisfactorily. We note that going private transactions frequently involve complex change-of-control covenants and potential escrow arrangements to manage post-closing liabilities, even when the headline consideration is cash. The speed of completion indicates that due diligence on these regulatory and commercial fronts was robust before the announcement.

This deal underscores a shift where established players are consolidating the fragmented payments sector by taking agile competitors private. The all-cash structure provides immediate liquidity to the sellers, a stark contrast to earn-out heavy deals that tie up founder capital for years. It highlights that in mature sectors, buyers are willing to commit significant capital to secure control and remove public market distractions. The lack of a disclosed value does not diminish the strategic importance of the move, as the primary goal appears to be integration rather than public market speculation.

Our view is that founders should scrutinise the consideration type in their own exit planning. If you are in a sector ripe for consolidation, a cash-only going private offer may be more attainable than a public market listing, provided you can navigate the regulatory clearance. Action this week: Review your current cap table and identify any change-of-control covenants in your existing debt or shareholder agreements that could block a cash-only acquisition, and prepare a summary of these constraints for your legal counsel.

Editorial opinion. Not financial or legal advice.

Explore

Browse adjacent archives

Jump from this deal into the sector, buyer, deal type, and year views that carry the strongest contextual signal.

More Financial Services deals More 2023 deals More going private deals More from Global Payments Inc.All M&A deals

Similar deals

Other Financial Services M&A activity tracked by Exit Mode.

8 May 2026Firm intentionFinancial Services

CrossCountry Intermediate Holdco, LLC to acquire Two Harbors Investment Corp.

CrossCountry Intermediate Holdco, LLC and Two Harbors Investment Corp. entered the Exit Mode archive.

Buyer: CrossCountry Intermediate Holdco, LLC
Target: Two Harbors Investment Corp.
Deal value: Not disclosed
Deal type: going private

Read deal Financial Services deals going private deals United States deals

22 April 2026CompletedFinancial Services

Soar Christopher Holdings, Inc. to acquire Diamond Hill Investment Group, Inc.

Soar Christopher Holdings, Inc. and Diamond Hill Investment Group, Inc. entered the Exit Mode archive.

Buyer: Soar Christopher Holdings, Inc.
Target: Diamond Hill Investment Group, Inc.
Deal value: Not disclosed
Deal type: going private

Read deal Financial Services deals going private deals United States deals

14 April 2026CompletedFinancial Services

Horizon Technology Finance Corporation to acquire Monroe Capital Corporation

Horizon Technology Finance Corporation and Monroe Capital Corporation entered the Exit Mode archive.

Buyer: Horizon Technology Finance Corporation
Target: Monroe Capital Corporation
Deal value: Not disclosed
Deal type: going private

Read deal Financial Services deals going private deals United States deals

2 March 2026CompletedFinancial Services

The Charles Schwab Corporation to acquire Forge Global Holdings, Inc.

The Charles Schwab Corporation and Forge Global Holdings, Inc. entered the Exit Mode archive.

Buyer: The Charles Schwab Corporation
Target: Forge Global Holdings, Inc.
Deal value: Not disclosed
Deal type: going private

Read deal Financial Services deals going private deals United States deals

2 February 2026CompletedFinancial Services

Fifth Third Intermediary to acquire Comerica

Fifth Third Intermediary and Comerica entered the Exit Mode archive.

Buyer: Fifth Third Intermediary
Target: Comerica
Deal value: Not disclosed
Deal type: going private

Read deal Financial Services deals going private deals United States deals

Buyer history