Global Payments’ Acquisition of Worldpay
Deal Overview
Key Facts
Deal Type: Acquisition of Worldpay by Global Payments Inc. (NYSE: GPN) with a simultaneous, cross-conditioned divestiture of Global Payments’ Issuer Solutions business to Fidelity National Information Services, Inc. (FIS) (NYSE: FIS)
Parties: Acquirer - Global Payments Inc.; Target - Worldpay Holdco, LLC (sellers: GTCR LLC, 55%; FIS, 45%); Divestiture Purchaser - FIS
Total Transaction Size: Worldpay valued at $24.25 billion ($22.7 billion net of anticipated tax assets); Issuer Solutions valued at $13.5 billion
Transaction Structure: Cash, stock and new debt. FIS received cash and surrendered its 45% Worldpay stake. GTCR received 59% cash and 41% stock (shares issued at $97.00 per share), retaining approximately 15% of Global Payments’ post-close equity. Global Payments raised $7.7 billion in new debt to replace bridge financing and refinance Worldpay’s existing obligations
Announcement Date: 17 April 2025
Closing Date: 12 January 2026 (both linked transactions completed simultaneously)
Summary
Global Payments’ acquisition of Worldpay and simultaneous divestiture of its Issuer Solutions business to FIS represents the most structurally complex transaction in the payments processing sector in recent years. Executed against a backdrop of accelerating consolidation among merchant acquirers, intensifying competition from vertically integrated fintech entrants such as Adyen and Stripe, and increasing regulatory attentiveness to market concentration in digital payments, the three-way deal was designed to transform Global Payments into a focused, pure-play merchant solutions company. The core objective was to combine Worldpay’s strength in enterprise and e-commerce acquiring with Global Payments’ deep penetration of the small and medium-sized business segment, while divesting the issuer-facing processing business that no longer aligned with the company’s strategic direction. The principal legal contentions arose from multi-jurisdictional merger control review, including formal inquiries by the United Kingdom’s Competition and Markets Authority (CMA) and clearance under the European Union’s merger framework, alongside expiry of the United States Hart-Scott-Rodino (HSR) waiting period.
Company Details
Acquirer: Global Payments Inc.
Global Payments Inc. is a publicly traded payment technology and software solutions provider headquartered in Atlanta, Georgia, listed on the New York Stock Exchange under the ticker GPN. The company’s origins trace to 1967 as a data processing services division within National Data Corporation, with the formal spin-off and public listing occurring in 1996 and full independence following separation from NDC in 2001. At the time of the transaction announcement, Global Payments had a market capitalisation of approximately $25 billion and was led by Cameron M. Bready, who became Chief Executive Officer on 1 June 2023 after serving as President and Chief Operating Officer from 2019.
Operating within the financial technology sector, Global Payments’ core offerings include merchant acquiring, payment processing, point-of-sale technology (notably its Genius POS platform), integrated software solutions, and commerce enablement tools serving merchants across verticals, including retail, hospitality, healthcare and government. Its mission centres on enabling seamless commerce globally through technology-driven payment solutions.
The company's growth has been defined by sustained strategic acquisitions, including Heartland Payment Systems in 2016, the “merger of equals” with TSYS in 2019 (which brought substantial issuer processing capabilities into the group), and the $4 billion acquisition of EVO Payments in 2023. Global Payments has also navigated significant challenges: a 2012 data breach affecting 1.5 million card numbers that cost approximately $100 million, and a 2015 systems failure that disrupted UK merchant card acceptance. From 2024, the company undertook substantial restructuring, reducing headcount by approximately 5,400 and divesting non-core businesses including Netspend and its gaming solutions unit, setting the stage for the Worldpay acquisition as the logical culmination of its pivot toward a focused merchant technology platform.
Global Payments competes against Visa and Mastercard at the network level, Adyen and Stripe among vertically integrated fintech challengers, and legacy acquirers such as Fiserv and JPMorgan Payments. The Worldpay combination was designed to achieve scale, sufficient to compete across the full merchant size spectrum.
Target: Worldpay
Worldpay is an American multinational financial technology and payment processing company headquartered in Cincinnati, Ohio. The company also maintains international headquarters in London. Its history is a composite of two distinct payment processing lineages; the American line originated in 1971 when Fifth Third Bank formed Midwest Payment Systems to provide electronic funds transfer services to financial institutions. That division was renamed Fifth Third Processing Solutions in 2003, spun off from Fifth Third Bancorp in 2009 as a joint venture with Advent International, rebranded as Vantiv, and taken public on the New York Stock Exchange in 2012. The British line began as Streamline in 1989, was absorbed by NatWest and subsequently Royal Bank of Scotland, and was sold to Advent International and Bain Capital in 2010 under the Worldpay name. Vantiv acquired the British Worldpay for $10.4 billion in 2018, adopting the Worldpay name for the combined entity.
FIS acquired the combined Worldpay for approximately $43 billion in 2019 in what was described as the largest deal in the international payments sector at the time. However, following pressure from activist investors, FIS announced in 2023 that it would separate the Worldpay merchant business. In July 2023, GTCR agreed to acquire a 55% majority stake in Worldpay from FIS for $11.7 billion, valuing the business at $18.5 billion, with FIS retaining the remaining 45%. Worldpay began operating as an independent company again in February 2024 under the leadership of returning Chief Executive Officer Charles Drucker, a veteran payments executive who had previously led both Vantiv and Worldpay.
At the time of the Global Payments transaction, Worldpay processed over 55 billion transactions annually across 174 countries and 138 currencies, a scale of operations that positioned it as one of the largest non-bank merchant acquirers in the world and underscored its capacity to handle complex, high-volume payment flows across diverse regulatory and currency environments. This global processing footprint was central to Worldpay's strategic appeal to Global Payments, which sought to combine it with its own domestic-focused merchant network to create a platform capable of serving businesses seamlessly from local point-of-sale to cross-border e-commerce. Worldpay’s particular strength lay in enterprise and e-commerce acquiring, a capability that was highly complementary to Global Payments’ focus on the small and medium-sized business segment.
The Acquisition
Timeline
The transaction was structured as a linked acquisition and divestiture, with the two components cross-conditioned upon each other and designed to close simultaneously. Global Payments was technically acquiring partnership interests in Worldpay Holdco, LLC, the Delaware limited liability company into which FIS had transferred Worldpay’s merchant solutions assets prior to selling the majority stake to GTCR. The key milestones were as follows:
17 April 2025 - definitive agreements for both transactions announced and signed
18 July 2025 - US HSR waiting periods expired without challenge
1 July 2025 - CMA issued a preliminary invitation to comment
16 September 2025 - CMA formal Phase 1 investigation launched
20 October 2025 - CMA Phase 1 clearance decision
1 December 2025 - European Union approval under the EU merger framework
12 January 2026 - both linked transactions completed
Motivations
For Global Payments, the transaction was the culmination of a multi-year strategic pivot toward becoming a pure-play merchant solutions company. The combination was expected to deliver approximately $600 million in annual run-rate cost synergies, primarily through consolidation of technology infrastructure and operational scale efficiencies, together with at least $200 million in revenue synergies from cross-selling across a combined merchant base exceeding six million locations. Critically, the divestiture of Issuer Solutions at 12.3x EBITDA and the acquisition of Worldpay at 8.5x net EBITDA created a favourable multiple arbitrage for Global Payments shareholders, effectively allowing the company to trade a slower-growth business at a premium valuation for a higher-growth platform at a discount.
For GTCR, the transaction represented one of the largest strategic exits in private equity history. GTCR had acquired its 55% majority stake in Worldpay from FIS in July 2023 behind a thesis of re-accelerating growth through a “Leaders Strategy” partnership with Charles Drucker. GTCR's consideration mix of 59% cash and 41% equity in Global Payments meant it retained an ongoing approximately 15% post-close stake, allowing it to participate in the value creation expected from integration synergies and the combined platform's growth.
For FIS, the sale of its remaining 45% Worldpay stake for $6.6 billion at approximately 10.5x expected 2025 EBITDA, a premium to the 9.8x multiple at which it had sold to GTCR, fully monetised its Worldpay position. Simultaneously, the acquisition of Issuer Solutions expanded FIS's payment product suite, adding globally scaled credit processing capabilities that were highly complementary to its established debit processing business.
Integration
Following completion, Global Payments retained Cameron Bready as Chief Executive Officer of the combined enterprise, with the Worldpay business absorbed into Global Payments’ merchant solutions platform. Several senior Worldpay executives joined the combined company, including Andrew Donovan (formerly Chief of Staff at Worldpay and Corporate Affairs at FIS) and Nichole Enraght-Smith (formerly Chief People Officer at Worldpay). The appointment of a combined leadership team drawing from both organisations signalled an intent to preserve Worldpay’s operational culture and institutional knowledge while achieving integration efficiencies.Global Payments expected net leverage of approximately 3.5x at closing and targeted deleveraging to 3.0x within 18 to 24 months.
Role of Law Firms
The three-way structure of the transaction demanded coordinated but independent legal representation across all parties, resulting in one of the more complex advisory mandates in recent payments M&A. Global Payments engaged Slaughter and May as its lead corporate counsel, with partners Anna Lyle-Smythe, Alexander Chadd, Stephen Heagney, and Jan Putnis advising on the transaction, while Baker McKenzie acted as regulatory counsel, led by fintech and payments partners Todd Beauchamp and Charles Weinstein. The choice of Slaughter and May, a firm without US offices that operates through a network of best-friend relationships rather than a global platform, is notable for a transaction led by a US-listed acquirer, and likely reflects the significance of UK and European regulatory and corporate law considerations given Worldpay's substantial operations in those jurisdictions.
Worldpay and GTCR were represented by Kirkland & Ellis, the dominant private equity law firm, whose team spanned corporate, debt finance, capital markets, tax, and antitrust across multiple offices. Axinn, Veltrop & Harkrider and Paul Hastings served as regulatory counsel, with Paul Hastings' global fintech co-chair Chris Daniel leading its team, a continuation of the firm's role advising GTCR on its original 2023 acquisition of the majority Worldpay stake from FIS. FIS engaged Wachtell, Lipton, Rosen & Katz and Latham & Watkins, the latter deploying a notably broad cross-practice team covering US and non-US antitrust, UK corporate, tax, capital markets, finance, employment, and sanctions matters, reflecting FIS's dual role as both a seller of its Worldpay stake and a buyer of the Issuer Solutions business. On the financial advisory side, Wells Fargo and Morgan Stanley advised Worldpay and GTCR respectively, while Goldman Sachs, J.P. Morgan, and Centerview Partners advised FIS.
Legal Contentions and Regulatory Impact
The three-way transaction required regulatory clearance across three principal jurisdictions: the United States, the United Kingdom and the European Union. While none of the three authorities ultimately blocked or imposed conditions on the deal, the multi-jurisdictional review process shaped the timeline and required careful sequencing by the parties’ legal teams
United States: Hart-Scott-Rodino Act
Under the Hart-Scott-Rodino Antitrust Improvements Act of 1976, parties to qualifying transactions must file pre-merger notification with the Federal Trade Commission (FTC) and the Department of Justice (DOJ) Antitrust Division and observe a statutory waiting period before consummation. The HSR Act was enacted to provide federal antitrust enforcers with advance notice of potentially anticompetitive transactions and the opportunity to investigate before closing. Both the Worldpay acquisition and the Issuer Solutions divestiture required HSR filings. The waiting periods expired on 18 July 2025 without either agency issuing a second request for additional information, indicating that neither the FTC nor the DOJ identified competition concerns warranting further investigation. This relatively smooth clearance likely reflected the complementary rather than directly overlapping nature of the parties’ business lines.
United Kingdom: Competition and Markets Authority
Notably, the CMA treated the Worldpay acquisition and the Issuer Solutions divestiture to FIS as two distinct merger inquiries, notwithstanding that the transactions were contractually cross-conditioned and designed to close simultaneously. This approach reflects the CMA's practice of assessing each relevant merger situation on its own competitive merits under Part 3 of the Enterprise Act 2002, a statute that empowers the CMA to investigate mergers that create or enhance a “relevant merger situation” and to assess whether the transaction may result in a “substantial lessening of competition” (SLC) in any market for goods or services in the United Kingdom. The Enterprise Act 2002 was enacted to modernise United Kingdom competition law enforcement and establish the CMA as a single, independent authority with both Phase 1 and Phase 2 review powers. The CMA's review of the Worldpay acquisition proceeded in stages. On 1 July 2025, the CMA issued a preliminary invitation to comment, initiating its information-gathering process without formally commencing an investigation. The CMA formally launched its Phase 1 investigation on 16 September 2025, with a statutory deadline of 11 November 2025 to decide whether to clear the transaction or refer it to a more detailed Phase 2 inquiry. On 20 October 2025, the CMA announced its clearance decision, concluding on the information available to it that the anticipated acquisition would not result in an SLC in any UK market. The published decision evaluated the impact on card-acquiring services, merchant support functions, and the broader digital commerce ecosystem within the United Kingdom, recognising that the transaction would not restrict opportunities for rival providers. The decision was notably concise at only nine pages, reflecting a broader trend toward shorter Phase 1 clearance decisions as the CMA has sought to align its review timetable with the European Commission's simplified procedure timeline.
European Union: EU Merger Regulation
The European Commission reviewed the transaction under the EU Merger Regulation (Council Regulation (EC) No. 139/2004), which requires mandatory pre-notification and clearance of concentrations with an EU dimension. The Regulation was adopted to establish a one-stop-shop system for the assessment of large cross-border mergers within the European Union, applying a test of whether a concentration would “significantly impede effective competition” in the common market. The Commission approved the transaction on 1 December 2025, removing the final major regulatory hurdle and clearing the path to the January 2026 closing. As with the CMA and the US agencies, the Commission identified no competition concerns warranting Phase II proceedings or remedies.
Impact on Transaction Value
None of the three regulatory reviews proved deal-blocking, nor did they result in the imposition of behavioural or structural remedies that would have constrained operational flexibility. The absence of a second request under HSR, the CMA’s clearance at Phase 1 without referral to Phase 2, and the Commission’s unconditional clearance each confirmed the parties’ thesis that the combination would not give rise to substantive competition concerns. No financial penalties or fines were imposed, and there were no politically sensitive public interest issues of the kind that have occasionally complicated payments sector transactions in other jurisdictions.
From a timing perspective, the overall regulatory clearance process compressed the originally anticipated closing window. Global Payments had initially guided for completion in the first half of 2026 but, following the CMA’s October clearance, moved to signal a first quarter 2026 closing, which was ultimately achieved on 12 January 2026, an acceleration which had modest positive financial implications.
Deal Implications
The smooth multi-jurisdictional clearance of the Global Payments-Worldpay transaction contrasts with several recent payments sector transactions that have encountered more protracted regulatory scrutiny. The European Commission’s review of the Nexi-SIA merger in 2021 and Worldline’s acquisition of Ingenico in 2020 both attracted conditional approvals requiring divestiture remedies. The CMA has itself adopted an increasingly assertive posture toward digital markets transactions in recent years, making its expedited Phase 1 clearance here notable. The outcome suggests that where a transaction principally combines complementary capabilities across different merchant segments, with limited direct horizontal overlap, authorities are prepared to clear expeditiously.
Current enforcement trends in payments sector merger control suggest that regulators remain vigilant about horizontal concentration in acquiring markets but are generally receptive to transactions that are primarily vertical or capability-expanding in nature. The Global Payments-Worldpay clearance aligns with this trend. However, the scale of the combined entity, processing approximately 94 billion transactions and $3.7 trillion in annual volume, means that any future acquisition by the combined company would likely face heightened scrutiny, particularly in the UK where the CMA has demonstrated increasing willingness to assert jurisdiction over global technology transactions.
Industry Impact
The Global Payments-Worldpay transaction reverberates across multiple segments of the financial services industry and reflects several converging sectoral trends.
Private Equity
GTCR’s exit represents one of the largest strategic sales in private equity history. Having acquired the 55% majority stake in Worldpay from FIS in July 2023 at an $18.5 billion valuation, GTCR realised a sale at a $24.25 billion total enterprise value within approximately two years. The retention of an approximately 15% equity stake in Global Payments provides GTCR with ongoing participation in the combined platform’s value creation. This exit structure, combining partial cash realisation with a continuing equity roll, reflects a broader trend in private equity toward structured exits that balance liquidity with upside participation. The transaction validates the buy-and-build thesis in payments processing, where operational improvements and technology investments under private equity ownership can materially enhance exit valuations within compressed holding periods.
Banks and Financial Institutions
The transaction has direct implications for financial institutions in their roles as both creditors and clients. J.P. Morgan served as financial advisor to Global Payments and provided committed financing, while the $7.7 billion debt issuance required participation from syndicate banks. The deal creates a strategic commercial partnership between Global Payments and FIS that provides financial institution clients continued access to end-to-end solutions spanning merchant acquiring, issuer processing, core banking, and treasury management. For banks that rely on third-party merchant acquiring services, the consolidation of Global Payments and Worldpay may reduce the number of competitive alternatives, though the CMA’s clearance suggests this concern was not considered material.
For banks that rely on third-party merchant acquiring services, the consolidation of Global Payments and Worldpay may reduce the number of competitive alternatives, though the CMA’s clearance suggests that this concern was not considered material.
Card Networks
For Visa and Mastercard, the creation of a merchant acquirer processing approximately 94 billion transactions annually creates a counterparty of significant scale. The combined entity’s negotiating position on interchange economics and network acceptance fees is enhanced, potentially compressing card network margins at the acquirer level. Conversely, the combined platform’s global reach across 175 countries may accelerate card acceptance in developing markets, expanding the networks’ overall transaction volumes.
Fintech Competitors and BNPL Providers
The transaction intensifies competitive pressure on vertically integrated fintech acquirers such as Adyen, Stripe, and Block. The combined Global Payments-Worldpay platform can now offer enterprise-grade e-commerce acquiring alongside integrated point-of-sale solutions for smaller merchants, directly challenging the positioning of these fintech competitors across the merchant spectrum. For buy-now-pay-later providers such as Klarna and Affirm, the enhanced platform’s distribution scale and fraud prevention capabilities (bolstered by Worldpay’s Ravelin acquisition) present both a competitive challenge and a potential partnership opportunity, as BNPL offerings increasingly require robust acquirer integration to function at the point of sale.
Financial Data and Index Providers
The absorption of Worldpay into Global Payments and the simultaneous divestiture of Issuer Solutions requires rebalancing by index providers and reclassification by financial data providers, with flow-through effects for passive investment funds and exchange-traded funds tracking financial technology or payment services indices.
House View
The Global Payments-Worldpay combination, positions the enlarged company as one of the largest non-bank merchant acquirers globally. simultaneous divestiture of Issuer Solutions to FIS eliminated a business line that, while profitable, had become a strategic distraction from the company’s core merchant-facing identity. The transaction’s structural elegance, linking the acquisition and divestiture as cross-conditioned, simultaneously closing transactions, minimised execution gap risk and ensured that financing proceeds from the divestiture were available to fund the acquisition. Early signals support the integration thesis. The retention of key Worldpay leadership, the establishment of a commercial partnership with FIS to maintain client continuity, and the accelerated closing timeline, which beat the company’s original first half-2026 guidance by several months, all suggest a well performed execution. The expected $600 million in cost synergies and $200 million in revenue synergies provide a clear roadmap for value creation over the next three years.
From a legal and regulatory perspective, the smooth multi-jurisdictional clearance, achieving US HSR expiry, CMA Phase 1 clearance, and EU unconditional approval without remedies, is a significant outcome that validates the complementary nature of the combination. The CMA’s expedited nine-page clearance decision reflects a broader procedural reform agenda aimed at aligning UK merger review timelines with European Commission practice. This reform, while welcome for deal certainty, raises questions about the depth of scrutiny applied to transactions that, while not presenting clear horizontal overlaps, may nonetheless alter competitive dynamics through sheer scale effects. The Enterprise Act 2002’s “substantial lessening of competition” test, with its focus on market definition and competitive effects, may benefit from supplementary guidance on how authorities should assess conglomerate effects and ecosystem-level market power in digital payments markets where the distinction between acquirer, processor, and platform is increasingly fluid.
Looking ahead, the combined company faces several emerging risks. First, integration execution risk remains substantial; the merger of two large, geographically dispersed payment processing platforms with different technology stacks, client bases, and operational cultures is inherently complex, and the history of payments sector consolidation includes notable integration failures, including FIS’s own experience with the original Worldpay acquisition, which led to significant write-downs and ultimately the sale to GTCR. Second, the 3.5x net leverage at closing, while sustainable at current interest rates and cash flow levels, leaves limited balance sheet flexibility should the competitive environment deteriorate or macroeconomic conditions tighten. Third, the continuing evolution of real-time payment rails, open banking mandates, and embedded finance models may disrupt the traditional acquiring value chain on which the combined company’s revenue model depends. Fourth, GTCR’s ongoing approximately 15% equity stake creates a significant shareholder whose investment horizon and strategic priorities may not always align with those of other shareholders or management.
Possible strategies for mitigating these risks include careful phasing of technology integration to avoid the client-facing disruption that plagued FIS’s prior Worldpay integration; accelerated deleveraging through strong cash flow generation and selective non-core asset sales; investment in real-time payment capabilities and embedded finance partnerships to ensure the combined platform remains relevant as the payments landscape evolves; and structured engagement with GTCR as a supportive strategic shareholder with appropriate governance protections.
Ultimately, the Global Payments-Worldpay transaction stands as a defining moment for the payments processing industry; a three-party, multi-jurisdictional restructuring of formidable complexity that will create a merchant solutions platform of genuinely global scale. The legal and regulatory pathway, from HSR clearance through CMA Phase 1 approval and EU unconditional clearance, provides a useful template for future cross-border payments consolidation. Whether the combined company can deliver on its ambitious synergy targets and maintain competitive relevance in a rapidly evolving digital payments landscape will be the defining strategic question of the next several years.
References
Global Payments Inc., 'Global Payments Announces Agreements to Acquire Worldpay and Divest Issuer Solutions' (Press Release, 17 April 2025) https://investors.globalpayments.com/news-events/press-releases/detail/469/global-payments-announces-agreements-to-acquire-worldpay.
Global Payments Inc., 'Global Payments Completes Acquisition of Worldpay and Divestiture of Issuer Solutions Business' (Press Release, 12 January 2026) https://investors.globalpayments.com/news-events/press-releases/detail/498/global-payments-completes-acquisition-of-worldpay-and.
FIS, 'FIS Announces Sale of Worldpay Stake and Strategic Acquisition of Global Payments' Issuer Solutions Business' (Press Release, 17 April 2025) https://www.fisglobal.com/about-us/media-room/press-release/2025/fis-sale-of-worldpay-stake-and-strategic-acquisition-of-global-payments-issuer-solutions-business.
GTCR, 'GTCR Announces Sale of Worldpay to Global Payments for $24.25 Billion in Conjunction with Transformative Three-Way Transaction' (Press Release, 17 April 2025) https://www.prnewswire.com/news-releases/gtcr-announces-sale-of-worldpay-to-global-payments-for-24-25-billion-in-conjunction-with-transformative-three-way-transaction-302431416.html.
GTCR, 'GTCR Completes Sale of Worldpay to Global Payments' (Press Release, 12 January 2026) https://www.prnewswire.com/news-releases/gtcr-completes-sale-of-worldpay-to-global-payments-302658108.html.
Global Payments Inc., 'Global Payments Reports Third Quarter 2025 Results' (Press Release, 4 November 2025) https://investors.globalpayments.com/news-events/press-releases/detail/493/global-payments-reports-third-quarter-2025-results.
Competition and Markets Authority, 'Global Payments / WorldPay Merger Inquiry' (Case Page, last updated 5 November 2025) https://www.gov.uk/cma-cases/global-payments-slash-worldpay-merger-inquiry.
Enterprise Act 2002, pt 3.
Hart-Scott-Rodino Antitrust Improvements Act of 1976, 15 USC § 18a.
Council Regulation (EC) 139/2004 of 20 January 2004 on the control of concentrations between undertakings [2004] OJ L24/1 (EU Merger Regulation).
Akin Gump Strauss Hauer & Feld LLP, 'Global Payments to Acquire Worldpay in Three-Way Deal' (Tax Insights, April 2025) https://www.akingump.com/en/insights/tax-insights/global-payments-to-acquire-worldpay-in-three-way-deal.
Baker McKenzie, 'Baker McKenzie Advises Global Payments on Regulatory Aspects of its Acquisition of Worldpay' (Newsroom, February 2026) https://www.bakermckenzie.com/en/newsroom/2026/02/global-payments-acquires-worldpay.
Kirkland & Ellis LLP, 'Kirkland Advises Worldpay and GTCR on Sale of Worldpay to Global Payments for $24.25B' (Press Release, April 2025) https://www.kirkland.com/news/press-release/2025/04/kirkland-advises-worldpay-and-gtcr-on-sale-of-worldpay-to-global-payments-for-24_25b-in-con.
Ashurst LLP, 'CMA Publishes Updated Guidance on UK Merger Procedure' (Insights, 2025) https://www.ashurst.com/en/insights/cma-publishes-updated-guidance-on-uk-merger-procedure/.
'Global Payments Pushes Forward With Worldpay Deal After Key Regulatory Approvals' (FinTech Weekly, 2 December 2025) https://www.fintechweekly.com/magazine/articles/global-payments-worldpay-acquisition-regulatory-approval-competition-review.