FIS Just Acquired a Forbes Top 100 Digital Company, Worldpayby Fintechnews Switzerland March 18, 2019
Fidelity National Information Services (FIS) has just announced a merger with e-commerce and payments player Worldpay. The combined entity, which would inherit the FIS name, will offer enterprise banking, payments, capital markets and global e-commerce capabilities for both financial institutions and businesses.
FIS stated in a press release that Worldpay as an enterprise, including stock and cash totals up to US$45 billion, including the assumption of Worldpay debt—which FIS will be refinancing.
The combined company will retain the name FIS and will be headquartered in Jacksonville, Florida. FIS’ shareholders will now own approximately 53% of the resulting company, while Worldpay’s investors will hold the other 47%.
The board of directors will then comprise 12 members, seven of which will come from FIS’ board of directors and another five from Worldpay’s.
They decided the acquisition based on FIS and Worldpay’s complementary solutions, which encompasses financial institution issuer services, network and merchant services, and loyalty and fraud solutions.
Gary Norcross will remain as FIS chairman of the board, president and CEO. Charles Drucker, Worldpay’s current Executive Chairman and CEO, will serve as the Executive Vice Chairman of the Board.
FIS provides payment processing and banking software, services and outsourcing of the associated technology. Worldpay meanwhile, is not unfamiliar with an acquisition.
Formerly RBS WorldPay, the company was a payment processing company geared towards e-commerce, and was listed on the London Stock Exchange up until January last year, when Vantiv Inc acquired it.
Featured image via Worldpay