FIS acquires Worldpay in $43bn merger

By Tim Poole

Financial services provider Fidelity National Information Services (FIS) has entered into a definitive merger agreement with payment processing firm Worldpay.

The merger is worth $43bn and the combined company generated approximately $12.3bn in pro forma 2018 revenue; $900m in synergies are expected to be realised upon completion of the deal.

Worldpay has worked extensively with the gaming sector, billing itself as the "payment expert of choice" for the industry. It was previously acquired by Vantiv in January 2018.

The new company, however, will not contain Worldpay within its name, retaining the title FIS, and is to be headquartered in Jacksonville, Florida.

Subject to regulatory and shareholder approvals, the merger should be completed in H2 2019, with the board comprising seven FIS directors and five from Worldpay.

Gary Norcross remains FIS Chairman, President and CEO, while Wordpay Executive Chairman and CEO, Charles Drucker, will serve as executive Vice Chairman within the merged company.

Norcross said: "Scale matters in our rapidly changing industry. 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."

Drucker said: "We are proud to become part of one of the financial services industry’s most respected and consistently performing companies; I am excited about the new opportunities this brings both for the business and our colleagues worldwide."

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