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Global Payments buying Total System in $21.5B deal; Nasdaq pulls Oslo Børs bid

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Street Talk Episode 76: Record pace of fintech M&A, funding in Q1'21 has legs

Street Talk – Episode 76: Record pace of fintech M&A, funding in Q1'21 has legs


Global Payments buying Total System in $21.5B deal; Nasdaq pulls Oslo Børs bid

Confirming an earlier media report, Global Payments Inc. agreed to acquire Total System Services Inc. in an all-stock transaction valued at $21.5 billion. Per terms of the deal, Total System Services shareholders will receive 0.8101 of a Global Payments common share for each common share they own. Global Payments shareholders will own 52% of the combined company and Total System Services shareholders will own 48%, on a fully diluted basis, at the closing of the deal.

Nasdaq AB, a unit of Nasdaq Inc. withdrew its offer to acquire all issued shares of Norway's Oslo Børs VPS Holding ASA after a monthslong bidding war with Netherlands-based Euronext NV. The decision was made due to Nasdaq's inability to meet the minimum requirements of the offer.

Mount Laurel, N.J.-based Freedom Mortgage Corp. is acquiring Charlotte, N.C.-based RoundPoint Mortgage Servicing Corp. Following the deal completion, the combined institution's owned and subserviced mortgage servicing rights portfolio is likely to exceed $300 billion.

In an update on the subpoenas issued to Capital One Financial Corp. and Deutsche Bank AG to release President Donald Trump's financial records, an agreement between Trump's attorneys and the House Intelligence and the Financial Services committees was reached to hold off on enforcing the subpoenas for now, CNN reports. Trump had sued both the banks to prevent them from releasing his records but U.S. District Judge Edgardo Ramos had rejected his preliminary injunction request to bar the banks from doing so saying that Congress has the legal authority to access the files.

Australian law firm Maurice Blackburn Lawyers filed a lawsuit against JPMorgan Chase & Co., Citigroup Inc., Barclays PLC, Royal Bank of Scotland Group PLC and UBS Group AG for collaborating in the manipulation of foreign exchange rates between Jan. 1, 2008, and Oct. 15, 2013. The law firm said that the conspired action was aimed to increase profits at the expense of Australian businesses and investors and has led to sanctions of more than $2.3 billion and C$107 million as part of settlements in the U.S. and Canada, respectively. Earlier, the European Commission fined JPMorgan, Citigroup, Barclays and RBS roughly €1.07 billion over the manipulation of the foreign exchange market.

JPMorgan Chase & Co. plans to launch a global equity trading bot in its asset management division to help trim equity trading costs and reduce risk, among other things, Business Insider reports.

And the Office of the Comptroller of the Currency issued a final rule to provide increased business flexibility to federal savings associations to adapt to new economic conditions and business environments without having to change their charters. Under the rule, OCC will be required to issue regulations that permit federal savings associations with total assets of $20 billion or less as of Dec. 31, 2017, to function with national bank powers.

In other parts of the world

Asia Pacific: China issues Baoshang Bank notice; Japan's Polaris Capital to form ¥150B fund

Europe: Google spending €600M on new data center; Telkom to sell South African assets

Middle East & Africa: Bank Leumi's Q1 profit rises; Gulf Capital on M&A hunt; Kenya, Ghana hold rates

Now featured on S&P Global Market Intelligence

Square quietly launches pilot program for certain CBD cannabis payments: The company's move to test accepting payments for cannabidiol, or CBD, is one of the earliest signs of the cannabis industry gaining acceptance beyond the cash economy.

The day ahead

Early morning futures indicators pointed to a lower opening for the U.S. market.

In Asia, Hang Seng gained 0.38% at 27,390.81, while the Nikkei 225 rose 0.37% to 21,260.14.

In Europe, around midday, the FTSE 100 lifted 0.02% to 7,279.21, and the Euronext 100 fell 0.34% to 1,038.08.

On the macro front

The S&P Corelogic Case-Shiller home price index, the Federal Housing Finance Agency house price index, the consumer confidence report and the Dallas Fed manufacturing survey are due out today.

Click here to read about today's financial markets, setting out the factors driving stocks, bonds and currencies around the world ahead of the New York open.

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