Worldpay to merge with FIS in $43 billion deal
Payments giant Worldpay is set to merge with Fidelity National Information Services (FIS) in a deal worth $43 billion (£32 billion), creating a new entity with an annual revenue of over $12 billion (£9 billion).
Under the terms of the merger, FIS’ shareholders own around 53 per cent of the newly combined entity, while Worldpay shareholders will own the remaining 47 per cent.
The deal includes Worldpay’s debt which FIS is expected to refinance and will reportedly create $500 million (£377.5 million) in cost savings.
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Worldpay, which processes over 40 billion transactions annually across 146 countries, was bought by US rival Vantiv last year for £9.3 billion and was previously owned by the Royal Bank of Scotland.
“Upon closing later this year, our two powerhouse organizations will combine forces to offer a customer-driven combination of scale, global presence and the industry’s broadest range of global financial solutions,” FIS chief executive Gary Norcross said.
“As a combined organization, we will bring the most modern solutions targeted at the highest growth markets. The long-term value we will create for clients and for shareholders will set the bar in our industry and will create a range of new career opportunities for our employees. I have never been more excited about the future of FIS.”