Global Payments buys remaining stake in UK venture

Global Payments Inc said it has bought the remaining stake in its British joint venture with HSBC Bank Plc for $307.7 million in cash.

The company, which processes online credit card transactions, said it expects the deal to add to its fiscal 2010 results.

In June last year, Global Payments paid HSBC $439 million for a 51 percent majority stake in the joint venture to expand and provide payment processing services to merchants in Britain.

Atlanta-based Global Payments said it used existing cash and lines of credit to complete the deal.

Shares of Global Payments closed at $37.45 Thursday on the New York Stock Exchange. (Reporting by Santosh Nadgir in Bangalore; Editing by Anil D'Silva)