Tuck-in deals like PayPal's (PYPL) $230M purchase of Tio Networks are common in payment technology. However, Pacific Crest says Global Payments' (GPN) $4.7B buyout of Heartland (HPY) could trigger a consolidation wave. Vantiv (VNTV) could pursue Worldpay, Global Payments or even Adyen. Global Payments could merge with Total Systems Services and Total Systems Services and Worldpay could also combine.
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