Worldpay surged more than 10% in premarket trading. Worldpay, once part of RBS, allows secure card payments online, card processing machines or by phone.
"Scale matters in our rapidly changing industry," says FIS CEO Gary Norcross.
Worldpay agreed to be bought by Florida firm Fidelity National Information Services, valuing the combined companies at about $43 billion.on Monday. Worldpay shares surged more than 10% in US premarket trading. The combination of stock and cash values the deal at about $43 billion including debt, the companies said. FIS shareholders will own about 53% and those of Worldpay will own about 47% of the merged firm.
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FIS buying Worldpay in $43 billion cash-and-stock dealFinancial services technology group FIS said Monday that it will buy e-commerce and payments group Worldpay Inc. in a cash and stock deal that values the latter at $43 billion. Under terms of the deal, which includes the assumption of debt, Worldpay shareholders will receive 0.9287 FIS shares and $11 in cash per share. At the deal's closing, FIS shareholders will own 53% of the combined company and Worldpay shareholders will own 47%. The new company will have around $12.3 billion pro forma 2018 annual revenue, and FIS' organic revenue growth outlook will accelerate to a range of 6% to 9% through 2021. The company expects $500 million of revenue synergies, $400 million of run-rate expense synergies, which refers to the full-year impact of an event that has occurred for a portion of the year, and nearly $4.5 billion of free cash flow in three years.
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