FIS and Worldpay to merge in $43bn deal

FinTech software firm FIS and e-commerce business Worldpay have entered into a definitive merger agreement.

Upon closing, FIS shareholders will own approximately 53 per cent and Worldpay shareholders will own approximately 47 per cent of the combined company, with the combination of stock and cash valuing Worldpay at an enterprise value of approximately $43 billion, including the assumption of its debt, which FIS expects to refinance.

The combined company will be positioned to offer enterprise banking, payments, capital markets, and global e-commerce capabilities. The deal greatly expands FIS’ acquiring and payment offerings and significantly increases Worldpay’s distribution footprint, accelerating its entry into new geographies.

“Scale matters in our rapidly changing industry,” stated Gary Norcross, chairman, president and chief executive officer of FIS. “Upon closing later this year, our two powerhouse organisations will combine forces to offer a customer-driven combination of scale, global presence and the industry’s broadest range of global financial solutions.”

A combined statement estimated an organic revenue growth outlook of between six and nine per cent through 2021, in conjunction with $700 million of total earnings synergies from the combination of revenue and expense opportunities over the next three years.

Upon closing, the combined company’s board will consist of 12 members, seven from FIS’ board and five from Worldpay’s board. Gary Norcross will remain as FIS chairman, president and chief executive. Charles Drucker, Worldpay’s current executive chairman and chief executive, will serve as the executive vice chairman.

The combined company will retain the name FIS and will be headquartered in Jacksonville, Florida.

The transaction is subject to receipt of required regulatory and shareholder approvals, and is expected to close in the second half of 2019.

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