“Scale matters in our rapidly changing industry,” said Gary Norcross, chairman, president and CEO, FIS. “Upon closing later this year, our two powerhouse organisations will combine forces to offer a customer-driven combination of scale, global presence and the industry’s broadest range of global financial solutions.”
“At Worldpay, our focus has always been on delivering more value to our clients and partners and making decisions that achieve our growth and performance objectives,” said Charles Drucker, executive chairman and chief executive officer, Worldpay.
Organic revenue growth outlook has grown from 6% to 9% through 2021 for FIS, in conjunction with $700 million of total EBITDA synergies from the combination of revenue and expense opportunities over the next three years.
This acquisition comes hot on the heels of another massive deal in the payments space: Fiserv, another US heavyweight and direct rival of FIS, buying First Data.
Worldpay, as it is today, is also the result of a big merger with Vantiv announced back in 2017.
The combined company of Worldpay and FIS will have pro forma 2018 annual revenue and adjusted EBITDA of approximately $12.3 billion and $4.9 billion, respectively.
Upon closing, the combined company’s Board of Directors will consist of 12 members, seven of which will come from FIS’ board of directors and five of which will come from Worldpay’s.
Gary Norcross will remain as FIS chairman of the board, president and chief executive officer. Charles Drucker, Worldpay’s current executive chairman and CEO, will serve as the executive vice-chairman of the board.
The transaction is subject to receipt of required regulatory and shareholder approvals and other customary closing conditions and is expected to close in the second half of 2019.
FIS demonstrated its Cardless Cash solution at FinovateFall 2016. Cardless Cash provides consumers with faster, more secure options when it comes to sending and accessing cash via ATMs, including the ability to pre-order funds from their mobile banking app.
Founded in 1958 and headquartered in Jacksonville, Florida, FIS trades on the New York Stock Exchange under the ticker “FIS.” The company has a market capitalization of $35 billion.
Worldpay participated in our developers conference, FinDEVrSiliconValley 2015. The company’s Head of Strategic Partnerships discussed how businesses can add secure payments to any website, app, or mobile device via the Worldpay Securenet API.
Worldpay was founded in 1971 (as Midwest Payment Systems) and is headquartered in Cincinnati, Ohio. With a market capitalization of $33 billion, Worldpay trades on the NYSE under the ticker “WP.”
