Global Payments Inc. and Total System Services Inc. are combining in an all-stock merger of equals.

Under the terms of the deal, shareholders of Total System will receive 0.8101 of a share of Global Payments for each Total System common share held, representing an equity value of about $21.5 billion for Total System.

Upon deal closing, Global Payments shareholders will own 52% of the combined institution, while Total System shareholders will own 48% on a fully diluted basis.

The deal is set to close in the fourth quarter.