May 28 (Reuters) - Global Payments ( GPN ) said on

Wednesday it would sell its payroll division, Heartland Payroll

Solutions, to financial technology firm Acrisure for $1.1

billion, marking the payments company's latest attempt at

simplifying its business model.

Atlanta, Georgia-based Global Payments ( GPN ) has been reviewing

its business recently, selling off smaller units to become a

pure-play payments processor to clients and improve

profitability, which has taken a hit in recent quarters.

Last month, the company announced the sale of its issuer

solutions unit, which offers card processing and account

services, to FIS for $13.5 billion as part of a

three-way deal.

Global Payments ( GPN ) had also agreed to sell its medical software

business AdvancedMD to investment firm Francisco Partners for

$1.13 billion last year.

"This (latest) transaction further sharpens our strategic

focus and allows us to amplify investment in the markets and

solutions where we are most differentiated," said Global

Payments ( GPN ) CEO Cameron Bready.

The company intends to use the proceeds from the divestiture

of the payroll business to return capital to shareholders.

Founded in 1997, Heartland Payroll caters to more than

50,000 clients, including Marathon Petroleum ( MPC ) and Burger

King, and will be rebranded after the deal closes - expected in

the second half of 2025.

Global Payments ( GPN ) will partner with Acrisure to continue

providing human capital management and payroll offerings to its

merchant customers.

The deal also comes when Acrisure is expanding beyond its

core insurance brokerage business.

The Grand Rapids, Michigan-based company had raised $2.1

billion at a $32 billion valuation in a Bain Capital-led funding

round earlier this month.

"This significant acquisition accelerates our successful

transformation into a fully scaled and diversified fintech

platform," said Acrisure CEO Greg Williams.

Goldfinch Partners advised Acrisure on the transaction.