US payment processing services provider Global Payments Inc (NYSE:GPN) has executed an agreement that will give it full ownership of the Asian-Pacific joint venture established in partnership with The Hongkong and Shanghai Banking Corporation Limited (HSBC).
HSBC, a subsidiary of UK-based banking giant HSBC Holdings plc (LON:HSBA), will receive USD242m (EUR187m) for its 44% stake in Global Payments Asia Pacific Limited.
The two companies teamed up in 2006, creating a joint business to provide regional merchants with payment processing services. Global Payments will remain a preferred strategic partner to HSBC in the Asia-Pacific as the companies continue to cooperate across 11 markets in the area of card acquiring services.
Global Payments expects the acquisition to have a favourable impact on its 2013 financial results and its guidance for the year reflects the anticipated effect, the group said.