The acquisition will create a combined entity capable of 94 billion transactions and $3. 7tn in volume across 175 countries.

The stock moves suggest FIS came out on top in the recently announced transaction. But some analysts see logic in Global Payments’ latest move.

Fidelity National Information Services Inc., or FIS, announced a $13.5 billion agreement April 17 to buy the credit processing business of Global Payments Inc. At the same time, Jacksonville-based FIS will sell its 45% stake in payments processing company Worldpay to Global Payments for $6.6 billion.