FIS acquired Worldpay in 2019 for $35 billion, marking a significant milestone in the payments industry.
The deal created a global leader in payments and financial services, with a presence in over 130 countries.
Worldpay's technology and expertise complemented FIS's existing capabilities, positioning the combined entity for long-term success.
The acquisition expanded FIS's reach into new markets and strengthened its position in existing ones.
FIS Acquisition of Worldpay
FIS acquired Worldpay in a cash and stock combination, bringing Worldpay's enterprise value to approximately $43 billion.
The acquisition is expected to close in the second half of 2019, pending regulatory and shareholder approvals.
FIS is spending $34 billion on this purchase, according to Bloomberg.
The combined company will have pro forma 2018 annual revenue and adjusted EBITDA of approximately $12.3 billion and $4.9 billion, respectively.
Gary Norcross will remain as FIS chairman of the board, president and chief executive officer after the acquisition.
Charles Drucker, Worldpay's current executive chairman and CEO, will serve as the executive vice-chairman of the board.
A fresh viewpoint: British Airways Join Executive Club
The combined company's Board of Directors will consist of 12 members, seven of which will come from FIS' board of directors and five of which will come from Worldpay's.
Several former Worldpay executives will assume key leadership roles at FIS, including Mark Heimbouch, Stephanie Ferris, and Charles Drucker.
The acquisition is expected to offer a customer-driven combination of scale, global presence, and the industry's broadest range of global financial solutions.
FIS demonstrated its Cardless Cash solution at FinovateFall 2016, providing consumers with faster, more secure options when it comes to sending and accessing cash via ATMs.
Worldpay was founded in 1971 as Midwest Payment Systems and is headquartered in Cincinnati, Ohio.
The company trades on the NYSE under the ticker “WP” with a market capitalization of $33 billion.
Check this out: Cash App Says Invalid Card Number
Deal Details
Fis Global Worldpay offers a comprehensive suite of payment solutions, including online payment processing, mobile payments, and digital wallets.
The company's online payment processing solutions enable businesses to accept payments from customers worldwide, with support for over 300 payment methods and 126 currencies.
For your interest: 941 Online Payments
Fis Global Worldpay's mobile payments solutions allow customers to make payments using their mobile devices, with support for popular mobile wallets like Apple Pay and Google Pay.
The company's digital wallets solutions provide a secure and convenient way for customers to store their payment information, making it easy to make repeat payments.
Fis Global Worldpay's payment solutions are designed to be highly secure, with advanced fraud prevention tools and 24/7 monitoring to protect against cyber threats.
By using Fis Global Worldpay's payment solutions, businesses can reduce the risk of chargebacks and disputes, and improve their overall payment processing efficiency.
Discover more: Stripe Mobile Ach Payments
Frequently Asked Questions
Why is FIS selling Worldpay?
FIS is selling its Worldpay stake to cash out and focus on its new business unit, Issuer Solutions. This move allows FIS to broaden its offering and streamline its business operations.
Featured Images: pexels.com
