HSBC to sell a 50% stake in its merchant acquiring business to Global Payments for $37m.

HSBC, one of the largest banking and financial services institutions in the world, to sell a 50% stake in its merchant acquiring business to a subsidiary of Global Payments, an American company providing financial technology services globally, for $37m. Following closing, the business will be carried on as a 50:50 joint venture by HSBC Mexico and Global Payments. The sale is structured as a share sale with a pre-closing reorganisation whereby HSBC Mexico will transfer those assets and liabilities that constitute its merchant acquiring business to a newly incorporated entity.