Global payment technology solutions provider Global Payments, Inc. has announced its intention to acquire Total System Services, Inc. in an all-stock transaction valued at about $21.5 billion. We are placing our 'BB+' issuer credit rating on Global Payments on CreditWatch with positive implications, reflecting our view that the combined entity will have lower leverage and possess substantial free cash generating ability. We expect to resolve the CreditWatch placement when the acquisition closes, likely in the second half of 2019. The CreditWatch placement follows Global Payments Inc.'s announcement that it intends to acquire Total System Service Inc. (TSYS) in an all-stock transaction. The transaction is subject to regulatory and shareholders' approvals and is expected to close in the fourth quarter of
