The processor Global Payments Inc. has agreed to acquire Payment Processing Inc., a company that serves mostly smaller merchants.

Global Payments will pay $420 million in cash to purchase Payment Processing, and the companies expect the transaction to close by June, pending regulatory approvals.

Payment Processing sells through a network of more than 1,000 enterprise software partners that serve about 58,000 small to medium-sized merchants with a focus on industries that are complementary to those Global Payments has served since its 2012 acquisition of Accelerated Payment Technologies, Global Payments says.

"Our acquisition of [Payment Processing] will expand our direct distribution [and] add new vertical markets," says Jeffrey Sloan, Global Payments CEO, in a Jan. 24 press release. 

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