Weeks After Fiserv’s Bid for First Data, FIS Puts up $43 Billion to Snap up Worldpay
Fidelity National Information Services Inc.’s $43-billion cash-and-stock deal to acquire Worldpay Inc., announced early Monday, will create a processing behemoth that will compete globally across a sweeping range of payments businesses, including merchant acquiring, e-commerce, faster payments, and core processing. And though the bosses of the two companies won’t admit it, the deal also represents the payments industry’s first significant answer to Fiserv Inc.’s $22-billion offer to buy First Data Corp., announced just two months ago.
Upon closing, which the companies expect in the second half of the year, the combined entity will be based in Jacksonville, Fla., FIS’s headquarters city, and will boast more than $12 billion in revenue, based on 2018 numbers for both FIS and Cincinnati-based Worldpay. Gary Norcross, FIS’s chairman, chief executive, and president will serve in the same roles at the new FIS. Worldpay executive chairman and CEO Charles Drucker will serve as executive vice chairman.