#Worldpay#Fintech#Fidelity National Information Services#FIS#Gary Norcross

Fidelity National Information Services to buy Worldpay for $43bn

hotmaillogin
|Mar 18|magazine8 min read

Fidelity National Information Services (FIS), an industry leading payments solution organization based in Jacksonville, Florida announced today plans to enter into a definitive agreement to acquire UK-based ecommerce company Worldpay. The deal will see FIS pay a total cash consideration of US$35bn for Worldpay, as well as taking on the company’s $8bn debt.

Worldbank, originally owned by the Royal Bank of Scotland, was sold in 2010 as a result of the bank’s bailout deal in the wake of the 2009 financial crisis, according to the BBC.

The acquisition is expected to accelerate FIS’ organic revenue growth to between 6% and 9% through 2021, and the resulting entity expects to achieve $500mn of revenue synergies, $400mn of run-rate expense synergies and nearly $4.5bn of free cash flow in three years.

As an industry leading global merchant acquirer, Worldpay is one of the world’s top payment technology companies powering global omni-commerce and providing solutions for merchants, businesses and financial institutions on a global basis. It processes over 40 billion transactions annually, supporting more than 300 payment types across more than 120 currencies.

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“Scale matters in our rapidly changing industry,” stated Gary Norcross, chairman, president and chief executive officer, FIS. “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. 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.”

“At Worldpay, our focus has always been on delivering more value to our clients and partners and making decisions that achieve our growth and performance objectives. Combining with FIS helps us accelerate the achievement of that, now benefitting from new scale and capabilities that will truly differentiate the company globally,” said Charles Drucker, executive chairman and chief executive officer, Worldpay. “We are proud to become part of one of the financial services industry’s most respected and consistently performing companies, and I am excited about the new opportunities this brings both for the business and our colleagues worldwide.”