Global Payments Inc. (NYSE:GPN) signed an agreement to acquire Payment Processing, Inc. from Soaring Ventures, Inc. and others for $420 million in cash on January 23, 2014. The purchase price is inclusive of tax assets and is subject to adjustments. The deal will be funded by $1.25 billion term loan.

The transaction is pending regulatory approvals, antitrust clearance under the Hart-Scott-Rodino Antitrust Improvements Act and customary closing conditions. The transaction is expected to close by the end of Global Payments' 2014 fiscal year. BofA Merrill Lynch and William Blair & Company, L.L.C. acted as financial advisors to Payment Processing, Inc. Ilan Nissan, William Weiss, Scott Webster, Kristin Dumont, Todd Hahn, Kirby Lewis, Jared Spitalnick, Sarah Bock, Amy Duvall, Michael Hammer, Sebastian Miller and Kyle Pine of Goodwin Procter acted as legal advisors for Payment Processing.

Barclays Capital Inc. acted as financial advisor for Global Payments. Stikeman Elliott LLP acted as legal advisor for Payment Processing, Inc.