Evo’s $1.6 Billion Sale to Global Draws Pension Fund Lawsuit (1)

A pension fund sued Evo Payments Inc. on Wednesday—the same day its planned $1.6 billion sale to Global Payments Inc. was set for a shareholder vote—over fears that the transaction may be a sweetheart deal for insiders that shortchanges public investors.

The lawsuit seeks files from Evo to probe allegations that longstanding ties among leaders of the two companies led them to take shortcuts in the run-up to the transaction, including failing to run a robust market check or to perform proper valuations of deals to terminate several tax receivable agreements.

The $225 million payment to buy out those tax ...