ATLANTA, Georgia: U.S. private equity firm CD&R is exploring a deal to take payments processor Global Payments private, in a potential transaction that could rank among the largest leveraged buyouts in history.

The talks are at an early stage and may not result in a deal, according to a source familiar with the matter. Shares of Global Payments rose more than 11% in afternoon trading following reports of the potential takeover.

CD&R has teamed up with private equity group GTCR, Global Payments' biggest shareholder, on a joint bid, the Financial Times reported earlier Friday.

CD&R and GTCR declined to comment, while Global Payments did not immediately respond to a request for comment.

"We find the idea credible given that GTCR owns roughly 15% of GPN shares at $97. However, Global Payments' nearly $22 billion of net debt could be an impediment, especially in a rising rate environment," William Blair analysts said in a note.

"If a deal happens it would likely signal another M&A wave that could leave the market devoid of public traditional fintechs," the analysts said.

Global Payments has a market value of roughly $23 billion, according to LSEG data. Its shares have fallen more than 60% from their record high in 2021.

In 2025, Global Payments agreed to buy rival Worldpay from FIS and GTCR in a deal valued at more than $24 billion. The acquisition sent Global Payments shares tumbling as investors balked at the price and the additional debt burden.

Later that year, activist hedge fund Elliott Investment Management built a sizable stake in Global Payments, increasing pressure on the company to justify the transaction.

The backlash reflected investor frustration with a takeover that appeared to run counter to management's promises to focus on divestments and returning cash to shareholders.

Competition in the payments industry has intensified, with traditional companies facing pressure from fintech firms, technology companies and newer digital payment providers.

That competition has weighed on valuations of some established payments companies, potentially making them acquisition targets for private equity firms and strategic buyers.

Earlier this year, Stripe and private equity firm Advent International offered to acquire payments company PayPal in a deal valued at roughly $53 billion. The talks have since reportedly stalled over the discount.