Global Payments nearing $20 billion deal to buy Total System

Global Payments Inc, the payment technology company, is nearing a deal to acquire peer Total System Services Inc (TSYS) for about $20bn (£15.74bn) in an all-stock deal.

The financial technology sector is consolidating fast, with global payments set to reach $3 trillion a year in revenue by 2023 as more people switch from cash to digital payments for online and high street sales.

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