Global Payments Acquires Joint Venture

NEW YORK (AP) — Global Payments Inc. on Friday said it acquired the remaining 49 percent stake in its British merchant services joint venture from HSBC Bank PLC for $307.7 million in cash.

Atlanta-based Global Payments and HSBC Bank formed the joint venture, HSBC Merchant Services, in 2008 in an effort to provide payment processing services to merchants in the U.K. and internet merchants globally.

Under terms of the deal, HSBC will extend the current 10-year exclusive marketing alliance agreement that means the bank provides merchant referrals and bank sponsorship to Global Payments until June 2019.

Global Payments expects the deal will help earnings by fiscal 2010.

Global Payments shares rose 87 cents, or 2.3 percent, to $38.32 in morning trading. The stock has traded between $27.48 and $49.87 during the past 52 weeks.