Combined, Global Payments and TSYS will provide payments and software to approximately 3.5 million predominantly small to mid-sized (SMB) merchant locations and more than 1,300 financial institutions across more than 100 countries.

It is the latest in a series of multi-billion transaction in the payments processing market this year, as companies seek to scale up to tap the opportunities arising from the boom in global online sales.

Upon closing, Global Payments will process in excess of 50 billion transactions annually in 38 countries physically and over 100 countries virtually, employing over 3,500 sales and sales support professionals worldwide.

Billed as an all-stock merger of equals, Total Systems holders are to receive 48% of a combined company with a total equity value of roughly $40b.