EU clears Global Payments purchase of Total Systems

BRUSSELS (Reuters) - EU antitrust regulators have cleared Global Payment's GPN.N proposed $21.5 billion purchase of rival Total Systems Services TSS.N.

The European Commission, which oversees competition policy in the 28-member European Union, said on Tuesday it had concluded the proposed acquisition would raise no competition concerns.

There is limited horizontal overlap between the companies’ activities, the Commission said.

Payment technology company Global Payments announced in May it would buy Total System Services Inc for about $21.5 billion in stock, adding scale in a fiercely competitive and fast-growing industry.

The deal comes as payment technology companies consolidate to battle competition in an expanding market from banks making inroads into digital payments and from fintech start-ups.

Reporting by Philip Blenkinsop; editing by Francesco Guarascio