Global Payments to sell payroll business to Acrisure for $1.1 billion
May 28 (Reuters) - Global Payments (GPN.N), opens new tab said on Wednesday it would sell its payroll business to financial technology firm Acrisure for $1.1 billion, marking the payments company's latest attempt at simplifying its business model.
The company intends to use the proceeds from the divestiture to return capital to shareholders.
"This transaction further sharpens our strategic focus and allows us to amplify investment in the markets and solutions where we are most differentiated," CEO Cameron Bready said in a statement.
As part of a three-way deal announced last month, Global Payments will sell its issuer solutions unit, which offers card processing and account services, to FIS (FIS.N), opens new tab for $13.5 billion.
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Daily Mail
an hour ago
- Daily Mail
Musk: 'Without me, Trump would have lost the election'
By Published: Updated: Elon Musk and President Donald Trump's spectacular falling out quickly turned personal Thursday as the world's richest man claimed the president would have lost the 2024 election without his help. Musk had publicly endorsed Trump on the heels of the July 13th assassination attempt in Butler, Pennsylvania and poured around $290 million of his fortune into the Republican's campaign. The billionaire also joined Trump on the campaign trail when he returned to the site of the Butler shooting in early October, a month before Election Day. Trump said he likely still would have won the key state of Pennsylvania without Musk's assistance, partly because Kamala Harris didn't choose the state's governor, Josh Shapiro, to be her running mate. Even with Shapiro on the Democratic ticket, Trump claimed, 'I would have won Pennsylvania, I would have won by a lot.' Musk said that was laughable. 'Without me, Trump would have lost the election, Dems would control the House and the Republicans would be 51-49 in the Senate,' Musk claimed. 'Such ingratitude,' the billionaire added on X. Musk's comments came moments after Trump told reporters in the Oval Office, during German Chancellor Friedrich Merz's visit, that his bromance with the DOGE leader was likely over. 'Elon and I had a great relationship. I don't know if we will any more, I was surprised,' Trump said. The president suggested that Musk was angry - not over the bill ballooning the deficit - but because the Trump administration has pulled back on electric vehicle mandates, which negatively impacted Tesla. He also indicated that there was a problem when he rejected Musk's preferred nominee to lead NASA because his choice was a Democrat. 'And you know, Elon's upset because we took the EV mandate, which was a lot of money for electric vehicles, and they're having a hard time the electric vehicles and they want us to pay billions of dollars in subsidy,' Trump said. 'I know that disturbed him.' Shares of Tesla dipped 8 percent amid the spat. Over the weekend, Trump pulled the nomination of Jared Isaacman to lead NASA. Isaacman had worked alongside Musk at SpaceX. 'He recommended somebody that I guess he knew very well, I'm sure he respected him, to run NASA and I didn't think it was appropriate and he happened to be a Democrat, like totally Democrat,' Trump continued. 'We won, we get certain privileges and one of the privileges is we don't have to appoint a Democrat.' Musk posted to X repeatedly as Trump's press conference was going on. 'Whatever,' the billionaire wrote, as he continued to criticize what Trump has called his 'big, beautiful' spending bill. 'Keep the EV/solar incentive cuts in the bill, even though no oil & gas subsidies are touched (very unfair!!), but ditch the MOUNTAIN of DISGUSTING PORK in the bill,' he advised. 'In the entire history of civilization, there has never been legislation that [is] both big and beautiful. Everyone knows this!' Musk continued. 'Either you get a big and ugly bill or a slim and beautiful bill. Slim and beautiful is the way.' In the Oval Office, Trump insisted that Musk knew the contents of the bill before the House passed it. Trump is now pushing Republican senators to back it so he can sign it before the July 4 holiday. 'He became a little bit different. I can understand that. But he knew every aspect of this bill. He knew it better than almost anybody, and he never had a problem until right after he left,' Trump protested. Musk immediately pushed back on X - sharing the clip of Trump's comments. 'False, this bill was never shown to me even once and was passed in the dead of night so fast that almost no one in Congress could even read it!' Musk said. At the top of Musk's X profile on Thursday, the billionaire had pinned a tweet that said 'Wise words,' highlighting a Trump tweet from 2013 that said, 'I cannot believe the Republicans are extending the debt ceiling—I am a Republican & I am embarrassed!' Trump noted that until recently Musk had 'said the most beautiful things about me.' Trump said Musk's about-face represented a greater trend. 'People leave my administration and they love us and then, at some point, they miss it so badly. And some of them embrace it and some of them actually become hostile. I don't know what it is, it's sort of Trump Derangement Syndrome, I guess they call it,' the president said. 'They leave, they wake up in the morning and the glamour is gone, the whole world is different and they become hostile.' The president's comments come less than a week after he feted Musk in the Oval Office, giving him an official farewell as the billionaire moved out of special government employee status and back into the private sector. Trump noted that he had given Musk a 'wonderful send-off' on Friday before he headed to Pittsburgh to tout a steel deal between Nippon and U.S. Steel. 'Remember, he was here for a long time. You saw a man who was very happy. He stood behind the Oval desk. Even with a black eye,' Trump said. 'I said, "do you want a little makeup?" And he said, "No I don't think so," which was interesting.' 'And very nice,' Trump added. 'He wants to be who he is,' the president shrugged.
The Independent
an hour ago
- The Independent
FIFA signs another Saudi deal with sovereign wealth fund PIF backing Club World Cup
FIFA took another Saudi Arabian investment Thursday for the U.S.-hosted Club World Cup, announcing a top-tier commercial deal with the kingdom's sovereign wealth fund, which holds majority ownership of one of the 32 teams playing. The Saudi state's Public Investment Fund (PIF) is the 75% owner of Riyadh club Al-Hilal, one of four teams in the national league it has controlled since 2023. PIF also created the LIV Golf project. FIFA said PIF was an official partner of the June 14-July 13 tournament being played in 11 American cities, though the value of the deal was not stated. Saudi state money also is effectively funding the Club World Cup broadcasting deal that has largely backed the $1 billion tournament prize fund being shared among the 32 teams, including Al-Hilal, which will get an entry payment of $9.55 million. FIFA announced a global broadcast deal for the Club World Cup with streaming service DAZN in December, two days before confirming Saudi Arabia as host of the men's 2034 World Cup. A widely speculated Saudi investment in DAZN, reported to be around $1 billion, was confirmed several weeks later. FIFA also signed Saudi state oil company Aramco to a World Cup sponsor this year. The U.S. is hosting the first 32-team Club World Cup which will played every four years by teams that won an edition of a continental club championship, or ranked highly by results over the four-year qualifying period. Inter Miami, with star player Lionel Messi, was invited by FIFA to represent the host nation. Al-Hilal won the Asian Champions League in 2021 and was drawn by FIFA in a group with Real Madrid, Pachuca and Salzburg. The Club World Cup has become a personal project of FIFA President Gianni Infantino, who has built close ties since 2018 to Saudi Arabia and its Crown Prince Mohammed bin Salman, the chairman of PIF. The gold Club World Cup trophy has spent much of this year at the White House with U.S. President Donald Trump, who is scheduled to present it to the winning team at the final at MetLife Stadium in East Rutherford, New Jersey. Trump also has worked closely with the LIV Golf tour. ___
Daily Mail
an hour ago
- Daily Mail
Elon Musk's baby mama taunts Donald Trump over breakup as interrupt erupts in memes
Elon Musk's baba mama Ashley St. Clair waded into the dramatic fallout between Elon Musk and Donald Trump as she asked the president if he 'needs any breakup advice.' Social media erupted on Thursday as Musk turned on the president with a flurry of insults over his 'Big Beautiful Bill', leaving the internet stunned and waiting to see what he posts next. X users poked fun at the fight between the world's richest man and the president, with some memeing Musk as Quentin Tarantino character Kill Bill. Others ridiculed the billionaires and compared them to bickering teenagers. Many had predicted that Trump and Musk's rosy bromance wouldn't last long, as some pointed to betting markets on when they would turn on each other. Betters heavily favored a fallout before July 1, 2025, less than six months after Musk joined Trump's administration as a special advisor. St. Clair spoke out as she is in the midst of a custody battle with Musk for their son, and she previously fumed at the billionaire to when he slashed her child support in half. Many had predicted that Trump and Musk's rosy bromance wouldn't last long, as some on Thursday pointed to betting markets on when they would turn on each other Political firebrand Laura Loomer also waded into the controversy, saying she had 'been on the hill all day and it's all anyone is talking about.' 'Will be interesting to see what Republican lawmakers do now,' she said. 'I know law makers who are asking if they should side with President Trump or Elon.' After Musk sent a raft of insults at Trump including claiming he was the sole reason Trump won the 2024 election, the president fired back on Thursday afternoon. 'Elon was 'wearing thin,' I asked him to leave, I took away his EV Mandate that forced everyone to buy Electric Cars that nobody else wanted (that he knew for months I was going to do!), and he just went CRAZY!' he said on Truth Social.
