First Hurdle Cleared, FIS Prepares to Close Major $43 Billion Worldpay Deal

Friday, May 31st, 2019

Back in March 2019, it was announced that Fidelity National Information Services Inc. (FIS) would combine forces with Worldpay Inc. to accelerate the future of finance and commerce globally. The combined company is projected to have approximately $12.3 billion pro forma 2018 annual revenue.

Then, at the close of April, FIS said it expects to close its colossal $43 billion acquisition of the payment processor Worldpay in the third quarter, following a Federal Trade Commission ruling. This much discussed merger agreement will transform and strengthen the payments industry.

This combination greatly expands FIS’ capabilities, by enhancing its acquiring and payment offerings. In fact, upon closing, the combined company will be positioned to offer best-in-class merchant processing, e-commerce, faster payments and core processing for financial institutions and businesses worldwide.

Previously, FIS shared that the deal was expected to close in the second half of 2019. The companies have since received notification on April 26 from the FTC that proposed acquisition cleared its Premerger Notification Program; this program is designed to evaluate mergers for potential anti-trust issues prior to a deal’s closing.

“This gives us strong confidence to close the deal in Q3,” Gary Norcross, FIS chairman, president, and chief executive, told analysts during his company’s first-quarter earnings call. “Until closing, we will continue to operate as separate companies.”

“As we get through the regulatory approval process, the early release is an important milestone,” Norcross went on to say. “We’ve been able to get some of our groups together.” According to him, the cultural alignment between FIS and Worldpay is very strong.

Now, it is time to sit back and wait. Some efforts are still taking place to evaluate how these two companies will meld their operations together.

“As we do talk across the operating units, we’re getting more and more comfortable where assets exist on either side of the companies,” explains Norcross.

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