A team of Goodwin Procter attorneys recently advised Payment Processing, Inc. (PayPros) in its pending sale to Global Payments Inc. (NYSE: GPN). Under the terms of the agreement and pending regulatory approvals and customary closing conditions, Global Payments will pay $420 million in cash to acquire PayPros, inclusive of tax assets. The transaction is expected to close by the end of Global Payments' 2014 fiscal year.
PayPros is a payments technology company, dedicated to delivering innovative and profitable integrated payments solutions. The PayPros Innovo technology platform delivers payment applications that support new technologies and allows for custom software solutions. This unique approach to payments is why–since 1995–more than 1,700 partners and 58,000 businesses have turned to PayPros.
Global Payments Inc. (NYSE: GPN) is a leading provider of payment processing services for merchants, value added resellers, financial institutions, government agencies, multi-national corporations and independent sales organizations located throughout North America, South America, Europe and the Asia-Pacific region. Global Payments, a Fortune 1000 company, offers a comprehensive line of solutions and services for credit and debit cards, business-to-business purchasing cards, gift cards, electronic check conversion and check guarantee, verification and recovery including electronic check services, as well as terminal management.
The Goodwin team advising on the transaction was led by partner Ilan Nissan and included partners William Weiss and Scott Webster, counsel Todd Hahn and Kirby Lewis and associates Jared Spitalnick, Sarah Bock and Kyle Pine.
More information about the transaction can be found in the press release.