Global Payments shareholders will own 52 percent of the newly-created company, while TSYS shareholders will own the other 48 percent. Executives project that the new company will process in excess of 50 billion transactions annually in 100 countries, catering to 3.5 million merchants and over 1,300 financial institutions. In a statement, TSYS chairman and CEO Troy Woods stated: "Our companies share common values, a strong culture of putting people first, and a relentless commitment to doing the right thing, making this combination the perfect fit." Global Payments CEO Jeff Sloan concurred, telling MarketWatch that "[the merger] accelerates the strategy we've had for the last couple of years to grow in the most attractive markets with a leading international payments business, a leading e-commerce and omnichannel business, and exposure to the fastest-growth geographies." The merger is expected to close later this year. Sloan will continue on as CEO in the newly-formed company, while Woods will act as chairman.