Global Payments (GPN) is expected to have a more tech-enabled merchant mix following its Worldpay acquisition, UBS Securities said in a Monday note.

UBS estimates the combined company's 2025 pro forma merchant business mix at about 64% tech-enabled and 36% relationship-led, reflecting increased exposure to integrated and embedded payments and software-driven solutions after the addition of Worldpay and divestitures of Payroll and AdvancedMD.

The shift underscores greater exposure to scalable, technology-driven revenue streams, while small and medium businesses and relationship-led channels remain a meaningful part of the business, the firm said.

UBS also said its pro forma model implies 2025 revenue of $12.1 billion for the combined company.

UBS maintained its neutral rating and $87 price target on Global Payments.

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