Global Payments Agrees to Buy Evo for About $1.6 Billion (1)

Global Payments Inc. agreed to buy Evo Payments Inc. for about $1.6 billion in cash to expand into new markets in Europe and South America.

Global Payments will pay $34 a share, according to a statement Monday. That’s about 24% higher than the closing price Friday and roughly 40% above the stock’s 60-day average price.

“The acquisition of Evo is highly complementary to our technology-enabled strategy, and provides meaningful opportunities to increase scale in our business globally,” Global Payments Chief Operating Officer Cameron Bready said in the statement.

The payments sector has been consolidating following a period of rapid growth ...