FIS to Buy Payments Group Worldpay for $43 Billion
- The new company will be headquartered in Jacksonville, Florida, and will retain the name FIS.
Fidelity National Information Services Inc (FIS), a global financial services technology, and Worldpay, Inc., an eCommerce and Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term company, have entered into a definitive merger agreement, the two companies announced this Monday.
The deal, which is worth $43 billion, including debt, is the largest in the international payments sector. It will see the shareholders of Worldpay entitled to receive 0.9287 FIS shares as well as $11.00 in cash for each share of Worldpay.
Once the transaction is closed, FIS shareholders will own about 53 percent of the combined company, while Worldpay shareholders will own approximately 47 percent. When merged, the company will have roughly $12.3 billion pro forma 2018 annual revenue.
According to the statement, the Merger Merger A merger is defined as the absorption of the interest of another. It can include an estate, or contract. There are no specific rules or formats for a union in general. It is a method of combining two or more organizations, business concerns, or other related interests. The terms of a merger are usually by agreement of the parties involved. In the financial sphere, merger refers to an agreement between two or more companies or corporations, public and private, to merge into one entity. Mergers d A merger is defined as the absorption of the interest of another. It can include an estate, or contract. There are no specific rules or formats for a union in general. It is a method of combining two or more organizations, business concerns, or other related interests. The terms of a merger are usually by agreement of the parties involved. In the financial sphere, merger refers to an agreement between two or more companies or corporations, public and private, to merge into one entity. Mergers d Read this Term will expand FIS’ capabilities by strengthening its acquiring and payment offerings. For Worldpay, the deal will increase its distribution footprint and accelerate its entry into new geographies.
Combined Company to Retain FIS Name
The new company will be headquartered in Jacksonville, Florida, and will retain the name FIS. Its Board of Directors will be made up of 12 members. From this, seven will come from FIS’ Board of Directors and five will come from Worldpay’s Board of Directors.
Moreover, Gary Norcross, chairman, president and chief executive officer of FIS, will remain in his positions for both companies and Charles Drucker, the executive chairman and chief executive officer at Worldpay, will become the executive vice chairman of the board of directors.
Gary Norcross
Source: FIS
Commenting on the merger, Gary Norcross said: “Scale matters in our rapidly changing industry. 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.”
The Deal is Expected to Close in H2 of 2019
The transaction is subject to regulatory and shareholder approvals, as well as other customary closing conditions. This deal is expected to close in the second half of this year, according to the statement.
Charles Drucker
Source: LinkedIn
“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,” added Charles Drucker of 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.”
Fidelity National Information Services Inc (FIS), a global financial services technology, and Worldpay, Inc., an eCommerce and Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term company, have entered into a definitive merger agreement, the two companies announced this Monday.
The deal, which is worth $43 billion, including debt, is the largest in the international payments sector. It will see the shareholders of Worldpay entitled to receive 0.9287 FIS shares as well as $11.00 in cash for each share of Worldpay.
Once the transaction is closed, FIS shareholders will own about 53 percent of the combined company, while Worldpay shareholders will own approximately 47 percent. When merged, the company will have roughly $12.3 billion pro forma 2018 annual revenue.
According to the statement, the Merger Merger A merger is defined as the absorption of the interest of another. It can include an estate, or contract. There are no specific rules or formats for a union in general. It is a method of combining two or more organizations, business concerns, or other related interests. The terms of a merger are usually by agreement of the parties involved. In the financial sphere, merger refers to an agreement between two or more companies or corporations, public and private, to merge into one entity. Mergers d A merger is defined as the absorption of the interest of another. It can include an estate, or contract. There are no specific rules or formats for a union in general. It is a method of combining two or more organizations, business concerns, or other related interests. The terms of a merger are usually by agreement of the parties involved. In the financial sphere, merger refers to an agreement between two or more companies or corporations, public and private, to merge into one entity. Mergers d Read this Term will expand FIS’ capabilities by strengthening its acquiring and payment offerings. For Worldpay, the deal will increase its distribution footprint and accelerate its entry into new geographies.
Combined Company to Retain FIS Name
The new company will be headquartered in Jacksonville, Florida, and will retain the name FIS. Its Board of Directors will be made up of 12 members. From this, seven will come from FIS’ Board of Directors and five will come from Worldpay’s Board of Directors.
Moreover, Gary Norcross, chairman, president and chief executive officer of FIS, will remain in his positions for both companies and Charles Drucker, the executive chairman and chief executive officer at Worldpay, will become the executive vice chairman of the board of directors.
Gary Norcross
Source: FIS
Commenting on the merger, Gary Norcross said: “Scale matters in our rapidly changing industry. 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.”
The Deal is Expected to Close in H2 of 2019
The transaction is subject to regulatory and shareholder approvals, as well as other customary closing conditions. This deal is expected to close in the second half of this year, according to the statement.
Charles Drucker
Source: LinkedIn
“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,” added Charles Drucker of 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.”