Payment consolidation is alive and well with Fidelity National Information Services agreeing to pay $35 billion to acquire Worldpay of the U.K.
With the payments industry looking to cut costs and expand their offerings, consolidation is inevitable. Fidelity National Information Services, known as FIS, is the latest evidence of that, announcing a $35 billion deal to acquire Worldpay earlier Monday.
Once the deal is closed, the combined company will offer a bevy of services for businesses and financial institutions including enterprise banking, payments, capital markets, and eCommerce services. Worldpay processes more than 40 billion transactions each year and supports more than 300 payment types in more than 120 currencies.announcing the deal FIS Chairman and Chief Executive Gary Norcross pointed to consolidation as a driving force behind the merger.
Wordplay has been the subject of mergers and acquisitions itself over the years. In 2010, Royal Bank of Scotland sold the unit in an effort to raise capital. In 2017, Worldpay Group was acquired by Vantiv for $10.6 billion. In this new acquisition, Worldpay is valued at $43 billion including debt. News of the deal sent shares of FIS lower. It was recently trading down $0.50 or 0.48% to $108.37 on extremely heavy volume of 6 million shares. Meanwhile, shares of Worldpay were surging more than 10% or $10.50to $109.22 a share. Volume of 10.6 million is much higher than the average daily volume of 2.7 million shares.
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