Key Takeaways
- • CD&R and GTCR have abandoned discussions to acquire Global Payments via a take-private transaction, according to Reuters, after exploring the deal over recent weeks.
- • The firms suspended the pursuit due to difficulties structuring and financing a transaction of this scale, with Global Payments carrying a market capitalisation of approximately $26.4bn.
- • The deal would have been one of the largest leveraged buyouts of 2026, underscoring financing constraints facing large private equity acquisitions.
- • Elevated borrowing costs, market volatility and heightened lender scrutiny are constraining large-cap PE dealmaking, though the firms could revisit talks and other bidders may emerge.
Summary
Clayton, Dubilier & Rice (CD&R) and GTCR have abandoned discussions to acquire US payments processor Global Payments, after exploring a potential take-private transaction over recent weeks, according to a report by Reuters. The firms reportedly suspended their pursuit following difficulties associated with structuring and financing a transaction of this scale.
Global Payments, with a market capitalisation of approximately $26.4bn, would have represented one of the largest leveraged buyouts of 2026. The decision reflects continued challenges in financing large private equity acquisitions, with elevated borrowing costs, market volatility and increased lender scrutiny constraining dealmaking. The firms could revisit discussions at a later stage, and other potential acquirers may also emerge.
Global Payments has been restructuring its operations to focus on merchant services. In April 2025, the company agreed to acquire Worldpay from FIS and GTCR in a transaction valued at more than $24bn, alongside the sale of its issuer-solutions division to FIS. GTCR's involvement in the Worldpay transaction adds context to its continued interest in the payments sector.
The abandoned buyout discussions follow the withdrawal of a separate bid for PayPal by Stripe and Advent International earlier this year, which reportedly valued that business at more than $53bn. Together, the two episodes highlight the difficulty of executing very large take-private transactions in the payments sector under current financing conditions.
Global Payments, with a market capitalisation of approximately $26.4bn, would have represented one of the largest leveraged buyouts of 2026. The decision reflects continued challenges in financing large private equity acquisitions, with elevated borrowing costs, market volatility and increased lender scrutiny constraining dealmaking. The firms could revisit discussions at a later stage, and other potential acquirers may also emerge.
Global Payments has been restructuring its operations to focus on merchant services. In April 2025, the company agreed to acquire Worldpay from FIS and GTCR in a transaction valued at more than $24bn, alongside the sale of its issuer-solutions division to FIS. GTCR's involvement in the Worldpay transaction adds context to its continued interest in the payments sector.
The abandoned buyout discussions follow the withdrawal of a separate bid for PayPal by Stripe and Advent International earlier this year, which reportedly valued that business at more than $53bn. Together, the two episodes highlight the difficulty of executing very large take-private transactions in the payments sector under current financing conditions.
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