FIS is buying Worldpay for $43 billion to form payments giant

FIS (FIS), which provides software for payment processing and other financial services, is buying Worldpay (WP), which makes technology that underpins payments for e-commerce sites.

The new entity, which will have annual revenue of more than $12 billion, will be better placed to serve the world's growing e-commerce industry, the two US companies said in a statement Monday.

FIS is offering Worldpay shareholders a mix of cash and stock to make the deal happen. It will assume Worldpay's debt as part of the agreement that values the company at $43 billion.

FIS shareholders will end up holding 53% of the merged company, while Worldpay shareholders will own the remaining 47%. The deal is expected to close later this year.

"Scale matters in our rapidly changing industry," FIS CEO Gary Norcross said in the statement. "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."

Let's block ads! (Why?)