Global Payments said on Wednesday it would sell its payroll business to financial technology firm Acrisure for $1.1 billion, marking the payments company’s latest attempt at simplifying its business model.
The company intends to use the proceeds from the divestiture to return capital to shareholders.
“This transaction further sharpens our strategic focus and allows us to amplify investment in the markets and solutions where we are most differentiated,” CEO Cameron Bready said in a statement.
As part of a three-way deal announced last month, Global Payments will sell its issuer solutions unit, which offers card processing and account services, to FIS for $13.5 billion.
