Total System Services Inc. said Monday it agreed to buy payment-technology company Cayan for $1.05 billion in cash. Cayan is owned by Parthenon Capital Partners. Total System expects the deal to “modestly” add to revenue growth and adjusted earnings per share in the first full year after closing, which is expected to occur in the first quarter of 2018. “The addition of Cayan’s unified commerce solutions puts us in a strong competitive position to jointly offer a broader set of value-add products and services to our partners and merchants,” said Total System Chief Executive M. Troy Woods. The stock, which was still inactive in premarket trade, has run up 58.7% year to date, while the S&P 500 has gained 19.5%.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News