CD&R and GTCR seek $40 bn Global Payments buyout

CD&R and GTCR approached Global Payments on Oct. 30 with a leveraged buyout proposal valuing the processor at about $40 billion, a TechTimes article published Nov. 2 said, citing FT and Reuters.

A deal at that enterprise value would rank behind Electronic Arts’ $55 billion privatization and TXU’s $45 billion buyout, while asking lenders to evaluate Global Payments’ $17 billion net debt and additional financing.

Global Payments shares rose more than 11% after the reports on Oct. 30, closing at $96.84, TechTimes said. The article said the move briefly reversed months of pressure on a company whose Worldpay transaction had drawn investor concern.

The $40 billion figure reflects enterprise value, which combines equity value and net debt. TechTimes cited LSEG data putting Global Payments’ market value after the share move at about $25.6 billion, with about $17 billion in net debt.

Gross debt is higher. The article said William Blair analysts and securities filings put Global Payments’ gross debt at about $22 billion before any new acquisition borrowing. Net debt subtracts cash; gross debt better captures the obligations buyers must service.

William Blair called the possible offer “credible” in a research note, according to TechTimes, pointing to GTCR’s existing stake. The firm also cited the debt burden as a barrier, “especially in a rising rate environment.”

B. Riley, which TechTimes said has a Buy rating and a Street-high $194 price target on Global Payments, said the approach showed the company was “materially mispriced.” Mizuho analyst Dan Dolev wrote that he was “not surprised,” citing a gap between public and private valuations for legacy payment processors.

GTCR already has a direct position in the company. TechTimes said GTCR received about $6 billion in cash and 42.8 million Global Payments shares when it sold its controlling Worldpay stake to Global Payments in a January 2026 transaction, giving it about 15% of Global Payments’ equity.

That Worldpay deal followed Global Payments’ April 2025 agreement to buy the business from GTCR and FIS as part of a $24.25 billion three-way transaction. Global Payments also agreed to sell its Issuer Solutions business to FIS for $13.5 billion, aiming to focus on merchant acquiring for more than 6 million customers in 175 countries.

Investors had pushed back on that shift. TechTimes said Global Payments shares fell 17% on the announcement day in April 2025, and analysts at TD Cowen downgraded the stock from Buy to Hold, warning that the deal “adds complexity, leverage, and increased execution risk that runs counter to needed simplification.”

The article also said Elliott Investment Management built a significant stake in Global Payments in mid-2025 and reached a September 2025 cooperation agreement that added two mutually agreed independent directors. No response from Global Payments, CD&R or GTCR was included in the TechTimes article.

Source: trade-press article, TechTimes, Nov. 2, 2026