REUTERS: Fidelity National Information Services Inc (FIS) agreed to buy Worldpay for about US$35 billion on Monday, with the U.S. financial ...
REUTERS: Fidelity National Information Services Inc agreed to buy Worldpay for about US$35 billion on Monday, with the U.S. financial services provider striking the biggest deal to date in the fast-growing electronic payments industry.
The FIS deal, valuing Worldpay at about US$43 billion including debt, comes a little more than a year after U.S. firm Vantiv paid US$10.63 billion for the payments firm, which was set up in Britain and spun off from Royal Bank of Scotland in 2010. Shares in Worldpay, which has provided payment processing services for more than 40 years, were up 10.3 percent at US$108.9 and Fidelity's were up marginally at US$109 at 1406 GMT.
"FIS should accelerate its revenue growth, significantly expand its position in the merchant acquiring space and generate many synergies," Worldpay shareholder Michael Schaefer, portfolio manager at Union Investment, said.Worldpay shareholders will receive 0.9287 FIS shares and US$11 in cash for each share held, valuing the company at US$112.12 per share, a premium of about 14 percent on its Friday close.
"For FIS buying Worldpay means expanding beyond the world of financial outsourcing and tapping into payment processing and e-commerce, the source said, adding that it was a"diversification play" giving FIS access to the high-growth payments sector. FIS, which has grown through acquisitions in the past 15 years, offers software and outsourcing services to banks, asset managers and insurers and in 2015 completed its buy of financial software company SunGard for US$9.1 billion.
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