CD&R and GTCR explore $23 billion buyout of Payments processor Global Payments

Clayton, Dubilier & Rice, the US private equity firm, is exploring a deal to take Payments processor Global Payments private, according to a source familiar with the matter. The talks are at an early stage and may not materialize. Clayton, Dubilier & Rice has teamed up with private equity group GTCR, which is Global Payments' biggest shareholder, on a joint bid that would rank among the largest leveraged buyouts in history, the Financial Times reported.

Clayton, Dubilier & Rice and GTCR declined comment, while Global Payments did not immediately respond to requests for comment. William Blair analysts said they find the idea credible given that GTCR owns roughly 15% of shares, though Global Payments' nearly $22 billion of net debt could be an impediment.

In 2025, Global Payments agreed to buy rival Worldpay from FIS and GTCR in a deal valued at more than $24 billion, which sent its shares tumbling as investors balked at the price tag and debt burden. Later that year, Elliott Investment Management, the activist hedge fund, built a sizable stake in Global Payments, adding pressure on the company.

The Global Payments stock has fallen more than 60% from its record high in 2021, and the company now has a market value of roughly $23 billion. The Payments industry has become increasingly competitive, with traditional players facing pressure from upstart fintech firms and digital payment providers.

This competition has weighed on valuations, making established players potential acquisition targets for private equity firms looking to capitalize on depressed share prices. Earlier this year, Stripe, the digital Payments company, and private equity firm Advent International offered to acquire Payments giant PayPal in a deal valued at roughly $53 billion, according to Reuters.