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Global Payments buying Payment Processing

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News,Business

ATLANTA (AP) — Electronics payment processing company Global Payments is buying Payment Processing, a payment product and services provider for small-to-medium sized U.S. businesses, for $420 million.

Privately held Payment Processing Inc. is based in Newark, Calif.

"Our acquisition of (Payment Processing) will expand our direct distribution, add new vertical markets, accelerate growth in our largest geography and further enhance our existing integrated solutions business," Global Payments Inc. President and CEO Jeffrey Sloan said in a statement on Friday.

The deal is expected to close by the end of Global Payments' fiscal 2014.

Earlier this month Atlanta-based Global Payments reported better-than-expected revenue for its fiscal second quarter and raised its 2014 profit forecast.

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