Shares of credit card transaction technology company Total System Services (TSS) jumped nearly 10% on Friday on reports that it has engaged in preliminary merger discussions with electronic payment technology company Global Payments (GPN - Get Report) .
Total System Services stock was up 15.37%, or $15.31, at $114.93 in Friday afternoon trading following a report from Bloomberg that the company was in early stage potential merger talks with Global Payments. Shares of Global Payments also jumped higher, gaining 4.5%, or $6.66 to $154.63.
CEO Jeff Sloan spoke with analyst Tien-tsin Huang @jpmorgan Technology, Media and Communications Conference today about GPN's differentiated software-driven payments strategy and ecommerce and omnichannel capabilities. #JPMTMC $GPN. Webcast link: https://t.co/1k7GktDfEG pic.twitter.com/MA2Rq2bWI4— Global Payments Inc. (@GlobalPayInc) May 15, 2019
In addition to a potential merger, the companies have also discussed a possible joint venture and other ways to partner, Bloomberg reported, citing people familiar with the talks.
Shares of Total Services have gained more than 40% in the past 12 months, rising to a near-record. Global Payments' stock, meantime, has gained nearly 60% over the same period.