Payments provider Global Payments has struck a $24.2bn cash-and-stock deal to buy rival Worldpay from GTCR less than two years after the private equity group bought a majority stake in the company. As part of a three-way deal announced on Thursday, GTCR will receive 59 per cent of the deal value in cash and the remainder in Global Payments stock.

Global Payments has agreed to buy rival Worldpay from FIS and private equity firm GTCR for $24.25 billion in a three-way deal, sharpening its focus on merchant services in its race for big-business clients in a crowded payments market.

Global Payments (NYSE: GPN) announced the acquisition of Worldpay from GTCR and FIS (NYSE: FIS) for $24.25 billion, as well as the divestiture of its Issuer