Total System Services to buy Cayan for $1.05 billion

(Reuters) - U.S. payment processor Total System Services Inc (TSS.N) (TSYS) on Monday said it would buy payment technology company Cayan in an all-cash deal valued at $1.05 billion.

The deal is expected to modestly benefit TSYS’s net revenue growth and adjusted earnings per share in the first full year post closing, the payment processor said.

Boston-based Cayan provides payment technologies and merchant services to small and medium-size businesses in the United States.

The deal is expected to close in the first quarter of 2018.

BofA Merrill Lynch and Greenhill & Co LLC are acting as financial advisers to TSYS, while Financial Technology Partners LP is the financial adviser to Cayan.

TSYS in January 2016 acquired U.S. merchant solutions provider TransFirst in an all-cash deal valued at about $2.35 billion. (bit.ly/2BG3LFJ)