Core Insights - Global Payments Inc. (GPN) is valued at a market cap of $17.6 billion and is a leading provider of payment technology and software solutions [1] - The company has significantly underperformed the broader market, with stock prices declining 35.7% over the past 52 weeks and 8.5% in 2026, compared to the S&P 500 Index's 14% gains [2] - GPN has also lagged behind the Amplify Digital Payments ETF's 22.7% decline over the past year [3] Company Developments - On January 12, Global Payments completed its acquisition of Worldpay from FIS and GTCR, while divesting its Issuer Solutions business to FIS, transforming into a pure-play commerce solutions provider [6] - This acquisition creates a platform serving over 6 million merchant locations, processing $3.7 trillion in payments and approximately 94 billion transactions annually across more than 175 countries [6] Financial Performance - For FY2025, analysts expect GPN to deliver an adjusted EPS of $11.72, reflecting a 6.1% year-over-year increase [7] - The company has a strong earnings surprise history, surpassing bottom-line estimates in each of the past four quarters [7] - Among 32 analysts covering the stock, the consensus rating is a "Moderate Buy," with 11 "Strong Buys," one "Moderate Buy," 18 "Holds," and two "Strong Sells" [7] Analyst Coverage - Cantor Fitzgerald initiated coverage on Global Payments with a "Neutral" rating and an $80 price target, noting the company's transformation into a pure-play merchant acquirer [9] - The firm emphasized GPN's "divest and refresh" strategy, which has driven 22.33% revenue growth over the past year [9]

Core Insights - Resonetics has announced an agreement to acquire Resolution Medical, enhancing its capabilities in complex medical device design and manufacturing [1][2] - The acquisition is expected to close in 2026, pending regulatory approvals [2] Company Overview - Resolution Medical is based in Fridley, MN, and has operations in the Netherlands, currently owned by Arcline Investment Management [1] - The company employs over 240 individuals, including more than 100 engineers, and is recognized for its high-quality design engineering and cleanroom production capabilities [3] Strategic Benefits - The acquisition will add complementary capabilities in high-growth therapeutic markets such as neuromodulation, structural heart, and interventional cardiology [2][3] - Resonetics aims to become a comprehensive partner in the medical device industry by enhancing its ability to deliver integrated solutions [3] Operational Details - Until the transaction is finalized, both Resonetics and Resolution Medical will continue to operate independently [5] - Resonetics is backed by Carlyle and GTCR, providing end-to-end product development and manufacturing services [4]

Core Insights - Global Payments Inc. (GPN) has completed a significant three-way deal, acquiring Worldpay and divesting its Issuer Solutions unit to Fidelity National Information Services, Inc. (FIS), transforming GPN into a dedicated provider of commerce and merchant solutions [1] Group 1: Acquisition and Business Model Transformation - The acquisition of Worldpay enhances GPN's scale and geographic reach, allowing it to serve over 6 million merchant locations and process $3.7 trillion in payment volume across more than 175 countries [2] - The merger combines GPN's strengths in small and medium-sized business (SMB) and integrated software with Worldpay's expertise in enterprise and e-commerce, improving support for merchants at all growth stages [2] Group 2: Strategic Focus and Financial Goals - The divestiture of Issuer Solutions represents a strategic pivot for GPN, allowing it to concentrate on merchant-facing commerce solutions amid strong growth trends in digital payments and omnichannel commerce [3] - GPN aims to invest over $1 billion annually in innovation while simultaneously reducing debt, enhancing capital efficiency and aligning with its strategic goals [3][7] Group 3: Future Execution and Performance - The success of GPN's new strategy will depend on effective execution, including seamless integration and retention of large enterprise clients, which are crucial for sustained earnings growth [5] - A streamlined operating model and clearer strategic focus could lead to improved cash flows and a stronger competitive position in the near term [5] Group 4: Market Performance - Over the past six months, GPN shares have increased by 0.2%, contrasting with a 10.5% decline in the industry [6]

Core Insights - GTCR has successfully closed the sale of Worldpay to Global Payments, marking one of the largest strategic sales in private equity history [1] - The transaction, valued at $24.25 billion, includes cash and stock, with GTCR retaining approximately 15% equity in Global Payments [2] Company Overview - Worldpay is a leading payments technology and solutions provider, processing over 55 billion transactions annually across 174 countries and 138 currencies [6] - The company focuses on omni-commerce solutions, enabling businesses to manage payments both in-person and online [6] Transaction Details - The acquisition agreement was signed in April 2025, involving a simultaneous acquisition of Global Payments' Issuer Solutions business by FIS [2] - GTCR acquired a majority stake in Worldpay in July 2023, aiming to re-accelerate growth through strategic transformation and technology investments [3] Leadership and Strategy - The partnership with CEO Charles Drucker and the Worldpay leadership team has been pivotal in executing a seamless transition and driving operational excellence [4] - GTCR's Leaders Strategy™ emphasizes collaboration with management to identify and build market-leading companies through transformative growth [5] Future Outlook - The combined entity is expected to enhance global processing capabilities and innovate in payment technologies, reflecting confidence in its competitive position [4][5] - The successful transformation of Worldpay underscores GTCR's expertise in executing complex corporate separations to unlock value for stakeholders [4]

Core Insights - The transaction between Point Broadband and Clearwave Fiber will create one of the largest independent fiber operators in the U.S., reaching over 500,000 customers across 12 states and aiming for more than 1 million passings [1][4][3] Company Overview - Point Broadband, founded in 2017, provides high-speed fiber-to-the-premise internet primarily in small-town and underserved markets across 10 states, mainly in the Southeast and Midwest [2][7] - Clearwave Fiber was established in 2022 through a joint venture and offers fiber internet services to residential and commercial customers across the Southeast and Midwest [2][8] Leadership and Management - David Armistead will serve as CEO of the combined company, while John Cinelli will be the Chairman, both bringing significant experience to drive growth [3][4] - The combined company will be jointly controlled by GTCR and Berkshire Partners, who have committed substantial growth capital for organic builds and M&A [4][5] Strategic Goals - The merger aims to accelerate fiber deployment and enhance customer experience, with a focus on building reliable, state-of-the-art fiber networks [4][5] - The combined entity is positioned to lead consolidation in the fiber market and expand connectivity to underserved areas across the U.S. [4][6] Financial and Operational Aspects - The transaction is expected to close in the first half of 2026, pending regulatory approvals and customary closing conditions [6] - Cable One will remain a significant shareholder in the combined company, contributing its equity investment in Clearwave Fiber [4][6]

Core Insights - US-based private equity firm GTCR has agreed to acquire Fiduciary Trust Company to expand wealth management services [1] - The acquisition aims to accelerate growth and expand service offerings for ultra-high-net-worth clients [1][3] - Fiduciary Trust Company manages approximately $34 billion in total assets as of September 30, 2025 [1] Group 1: Acquisition Details - GTCR will partner with Fiduciary's CEO Austin Shapard and the management team [1] - This marks Fiduciary's first institutional capital investment [3] - The transaction is expected to conclude in the first quarter of 2026 [5] Group 2: Services and Market Position - Fiduciary provides comprehensive wealth management, trustee, and custody services to high-net-worth and ultra-high-net-worth individuals and families in New England [2] - The firm also offers custody and trustee services to third-party financial advisors and family offices across the US [2] - The investment will enhance Fiduciary's client value proposition and broaden its service offerings [3] Group 3: Strategic Support - GTCR will support Fiduciary's strategic initiatives with significant capital and sector expertise [4] - The private equity firm has experience investing in various companies within the wealth and asset management ecosystem [4] - Legal counsel for GTCR was provided by Kirkland & Ellis, while Centerview Partners acted as financial advisor for GTCR and Debevoise & Plimpton for Fiduciary [4]

Core Insights - GTCR, a Chicago-based private equity firm, has signed a definitive agreement to acquire Fiduciary Trust Company, a Boston-based wealth manager with $34 billion in client assets under advisement and management, with the deal expected to close in Q1 2026 [1][2] Group 1: Acquisition Details - This acquisition marks Fiduciary Trust's first institutional capital investment since its establishment as a family office in 1885 [2] - GTCR will collaborate with Fiduciary Trust's CEO Austin Shapard and his management team to enhance client service offerings and growth strategies [2][4] - Financial terms of the deal were not disclosed, with legal counsel provided by Kirkland & Ellis LLP for GTCR and Centerview Partners LLC and Debevoise & Plimpton LLP for Fiduciary Trust [5] Group 2: Market Context and Strategy - Shapard's 2024 annual letter highlighted the increasing need for financial advice firms to achieve scale and resources to compete effectively in a tight talent market, suggesting that larger firms will benefit from operational and service improvements [3] - GTCR has been actively investing in the wealth management space, with previous acquisitions including FMG Suite and AssetMark, and a 25% stake in RIA Captrust [3] - Under GTCR's ownership, Fiduciary Trust plans to enhance its investment platform offerings, expand client services, and invest in technology [4]

Core Insights - GTCR is set to acquire Surmodics, a company specializing in medical device coatings and diagnostics components, for $627 million, with plans to finalize the deal by the end of 2024 [3][7] - The FTC has raised concerns about the acquisition leading to a concentrated market for outsourced hydrophilic coatings, as Surmodics and GTCR's Biocoat together control over 50% of the market [4][5] Group 1 - The FTC challenged the acquisition in March 2024, citing potential elimination of significant competition in the hydrophilic coatings market [3][4] - Two states joined the FTC's challenge in April, indicating broader regulatory scrutiny [3] - GTCR attempted to address these concerns by agreeing to divest part of Biocoat's hydrophilic coatings business to Integer, a medical device contract development organization [5] Group 2 - The FTC criticized the divestiture as inadequate, claiming it would not sufficiently enable new entrants to compete in the market [5] - Despite the FTC's objections, a judge denied the request for a preliminary injunction to block the acquisition, suggesting that the divestiture could alleviate competition concerns [5][7] - Surmodics' CEO expressed optimism about the ruling, viewing it as a significant step toward completing the merger [7]

Group 1 - Rogo Technologies, an AI investment banking tool, has completed a Series B funding round of $50 million [4][5] - The funding round was led by Thrive Capital, with participation from J.P. Morgan Growth Equity Partners, Tiger Global, and Positive Sum Ventures [5] - Rogo's current clients include notable financial institutions such as Lazard, Moelis, Tiger Global, GTCR, Nomura, Raymond James, and Siris Capital [6] Group 2 - Rogo aims to replace some repetitive tasks of investment banking analysts in the early stages using AI, with its platform capable of automatically generating various investment banking materials such as PPTs, IPO drafts, and financial models [6] - The company was founded in 2022 by Gabriel Stengel, a former banker at Lazard, John Willett, a former employee at JPMorgan, and Tumas Rackaitis, a former software engineer at Gilder Gagnon Howe & Co [6] - Recently, Rogo appointed Rahul Rekhi, a former managing director at Lazard, as the company's president [6]

Core Insights - The United Kingdom's Competition and Markets Authority (CMA) has approved Global Payments' acquisition of Worldpay, with the full decision text to be published soon [2][3] - Global Payments is acquiring Worldpay for a net price of $22.7 billion while simultaneously selling its Issuer Solutions business to FIS for $13.5 billion [3] - FIS will divest its remaining stake in Worldpay to Global Payments for $6.6 billion, allowing Global Payments to exit the issuer processing field and focus on merchant solutions [3][4] Company Strategy - Global Payments' CEO described the agreements as transformative, enhancing the company's focus on merchant solutions and expanding its offerings in point-of-sale systems and integrated payments [4] - The recent acquisitions are reminiscent of the megamergers of 2019, indicating a trend of significant consolidation in the payments industry [5] Regulatory Context - The CMA is also investigating FIS's planned acquisition of Global Payments' Issuer Solutions business, which was initially rejected due to incomplete information [5][6] - FIS has stated that despite the need to refile information with the CMA, its acquisition plans remain on track [6]