Global Payments Inc. (NYSE: GPN), a leading worldwide provider of payment technology and software solutions, today announced an agreement with Desjardins Group, the leading cooperative financial group in Canada, to acquire its existing merchant acquiring business and portfolio of approximately 40,000 merchants. As part of the transaction, Global Payments will enter into an exclusive 10-year marketing alliance agreement under which Desjardins will refer members to Global Payments for payment technology and acquiring solutions.
Desjardins Group is the sixth largest financial institution in Canada by deposits, with approximately 1,000 branches and over 7 million members and clients. Its merchant acquiring business is a leader in Quebec, providing payment solutions to businesses across a wide range of verticals.
“We are delighted to enter into this agreement with Desjardins, validating the distinctiveness of our pure play payments model and building on our successful track record of being the partner of choice for leading financial institutions globally,” said Cameron Bready, President and Chief Operating Officer of Global Payments. “This partnership will allow us to leverage the breadth and depth of our technology solutions, local and worldwide payments expertise, modern architecture and comprehensive distribution in Canada to provide best-in-class service to Desjardins’ members.”
“We’re proud to announce a new partnership that will provide our customers with the best payment technology solutions available in the market,” said Denis Berthiaume, Senior Executive Vice-President and Chief Operating Officer at Desjardins. “Global Payments has a strong reputation in the Canadian market for unparalleled payments expertise and innovative solutions that can help drive business efficiencies and position our customers for growth.”
The transaction is expected to close by early 2020, subject to receipt of regulatory approvals and satisfaction of customary closing conditions.
