Worldpay merges with FIS, enables Amazon Pay
It has been a busy week for omnichannel payment technology provider Worldpay.
First, Worldpay has entered into a definitive merger agreement with financial services technology firm FIS. The merger is designed to enhance FIS’ acquiring and payment offerings while increasing Worldpay’s global distribution footprint. Upon closing, the combined company will be positioned to offer enterprise banking, payments, capital markets, loyalty, fraud, and global e-commerce capabilities.
At the closing, under the terms of the agreement, Worldpay shareholders will be entitled to receive FIS shares and cash for each share of Worldpay. Upon closing, FIS shareholders will own approximately 53% and Worldpay shareholders will own approximately 47% of the combined company. The combination of stock and cash values Worldpay at an enterprise value of approximately $43 billion, including the assumption of Worldpay debt, which FIS expects to refinance.
“Scale matters in our rapidly changing industry,” stated Gary Norcross, chairman, president and chief executive officer, FIS. “The long-term value we will create for clients and for shareholders will set the bar in our industry and will create a range of new career opportunities for our employees. I have never been more excited about the future of FIS.”
“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 CEO, Worldpay. “Combining with FIS helps us accelerate the achievement of that, now benefitting from new scale and capabilities that will truly differentiate the company globally.”
The combined company will have pro forma 2018 annual revenue of approximately $12.3 billion. 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 board of directors. Gary Norcross will remain as FIS chairman of the board, president and CEO. Charles Drucker, Worldpay’s current executive chairman and CEO, will serve as the executive vice chairman of the board.
The combined company will retain the name FIS and will be headquartered in Jacksonville, Fla. 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.
In addition, Worldpay is enabling Amazon Pay for its retailers. Through Worldpay's API, online retailers can integrate and add Amazon Pay to their website. Retailers can now enable Amazon Pay, with Worldpay as both their gateway provider and acquirer, providing consistency in areas such as settlement, data reporting, reconciliation. Amazon Pay enables shoppers to make purchases online with the information already stored in their Amazon account.
First, Worldpay has entered into a definitive merger agreement with financial services technology firm FIS. The merger is designed to enhance FIS’ acquiring and payment offerings while increasing Worldpay’s global distribution footprint. Upon closing, the combined company will be positioned to offer enterprise banking, payments, capital markets, loyalty, fraud, and global e-commerce capabilities.
At the closing, under the terms of the agreement, Worldpay shareholders will be entitled to receive FIS shares and cash for each share of Worldpay. Upon closing, FIS shareholders will own approximately 53% and Worldpay shareholders will own approximately 47% of the combined company. The combination of stock and cash values Worldpay at an enterprise value of approximately $43 billion, including the assumption of Worldpay debt, which FIS expects to refinance.
“Scale matters in our rapidly changing industry,” stated Gary Norcross, chairman, president and chief executive officer, FIS. “The long-term value we will create for clients and for shareholders will set the bar in our industry and will create a range of new career opportunities for our employees. I have never been more excited about the future of FIS.”
“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 CEO, Worldpay. “Combining with FIS helps us accelerate the achievement of that, now benefitting from new scale and capabilities that will truly differentiate the company globally.”
The combined company will have pro forma 2018 annual revenue of approximately $12.3 billion. 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 board of directors. Gary Norcross will remain as FIS chairman of the board, president and CEO. Charles Drucker, Worldpay’s current executive chairman and CEO, will serve as the executive vice chairman of the board.
The combined company will retain the name FIS and will be headquartered in Jacksonville, Fla. 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.
In addition, Worldpay is enabling Amazon Pay for its retailers. Through Worldpay's API, online retailers can integrate and add Amazon Pay to their website. Retailers can now enable Amazon Pay, with Worldpay as both their gateway provider and acquirer, providing consistency in areas such as settlement, data reporting, reconciliation. Amazon Pay enables shoppers to make purchases online with the information already stored in their Amazon account.