Benzinga | Sep 8, 2021 03:24PM EDT

Why Global Payments Shares Are Trading Higher Today

Global Payments Inc (NYSE:GPN) is trading higher Wednesday after the company agreed to acquire MineralTree for $500 million in cash.

MineralTree is a provider of accounts payable automation and business-to-business payments solutions.

Global Payments said MineralTree's cloud native solutions substantially expand Global Payments' target addressable markets and provide significant incremental avenues for growth in one of the most attractive technology markets.

The transaction is expected to close in the fourth quarter.

"B2B reinforces each of the legs of our strategic stool, including software primacy, a leading ecommerce franchise and an unmatched presence in many of the most attractive markets worldwide," said Jeff Sloan, CEO of Global Payments.

Global Payments is a leading provider of payment processing and software solutions in over 30 countries.

GPN Price Action: Global Payments has traded as high as $220.81 and as low as $153.33 over a 52-week period.

The stock was up 7.01% at $169.84 at time of publication.