EVO Payments avoids the acquisition of Shift4 Payments

Global merchant acquirer and payment processor EVO Payments has turned down an offer to acquire payment processing solutions company Shift4 Payments, Bloomberg reported on Wednesday (November 17th), citing anonymous sources familiar with the situation.

It is not certain that Shift4 Payments will make another offer for EVO, the sources said, adding that the deal was not yet public.

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The payments space is on an upward trajectory and has grown rapidly even before the COVID-19 pandemic accelerated the necessary shift from cash to digital payments and other forms of contactless payment.

Many companies have reaped the benefits of the hub of card and digital payment transactions, and many have exploited rising stock prices to dig deep into acquisitions. PayPal, for example, has reportedly been in talks to buy Pinterest.

Read more: Shift4 Payments renames 3dcart and launches Shift4Shop e-commerce platform

Shift4 said in a blog post on Wednesday (November 17) that “in response to media reports” regarding its possible purchase of EVO Payments, it wanted to clarify that an acquisition was not in progress at the moment.

The post clarified that “while Shift4 has immense respect for the EVO team given their mutual history of more than 20 years in the industry,” the company’s current priorities for mergers and acquisitions overlap. concentrate elsewhere. On the contrary, Shift4 is supporting the “new growth verticals” that were revealed on November 10 during its investor day.

“Deploying capital to meet the demand generated by these signings puts us in the best position to continue our industry-leading growth and maximize long-term shareholder value,” said Shift4 CEO Jared Isaacman.

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With business operations in 50 markets, EVO trades in over 150 currencies worldwide and is one of the largest fully integrated merchant acquirers and payment processors in the world. Based in Atlanta, Georgia, EVO plans to continue to seek out the best innovations and increase its presence in the most promising new markets.

Based in Allentown, Pa., Shift4 Payments also has offices in Las Vegas, Nevada, and strives to “change the way commerce is lived,” according to its website.



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