Private equity firm Parthenon Capital has signed a definitive deal to purchase Global Payments’ gaming business for an undisclosed sum.

Global Payments Gaming Solutions currently offers various payments tools for the gaming industry, comprising VIP Preferred and cashless platform VIP Mobility.

Upon deal completion, Global Payments Gaming Solutions will transition into Pavilion Payments, which will operate as a stand-alone entity.

Pavilion Payments will continue to provide Global Payments Gaming Solutions’ complete range of offerings.

It will also offer improved integrated payments ecosystem to help gaming operators create enhanced consumer experiences across their physical and digital assets.

The firm’s solutions will further simplify flexible funding across different locations as well as devices and channels.

Pavilion Payments will be headed by its current leadership, while existing president Christopher Justice will take on the additional role of CEO.

The latest deal, which awaits regulatory clearance, is anticipated to close by the end of March this year.

Once the deal is completed, Global Payments will continue to strengthen Pavilion Payments’ payment acceptance offerings as a long-term ally.

Justice said: “The transaction positions our business to meet the evolving needs of the gaming industry and capitalise on the growth trends, especially in markets like iGaming.

“We are focused on creating unique player experiences for both in-person and online gaming.

“Customers can expect further focused investment in innovation and product development, bringing clients ever more advanced tools to support patron engagement and satisfaction, lift revenue and reduce friction.”

The latest deal comes shortly after Global Payments reached official commerce technology alliances with American sports teams, Atlanta Braves and Atlanta Hawks.