FIS will acquire Worldpay for over 30 billion euros
Fidelity National Information Services, a major financial service technology company from the US, has announced it will acquire Worldpay for over 30 billion euros. It’s the largest deal to date in the quickly growing electronic payments industry.
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The fintech sector is still growing very hard. Consultants at McKinsey think that global payments will reach about 2.65 trillion euros in revenue by 2023, as Techradar writes. And now, two of the biggest players in this industry come together.
Worldpay has significant presence in UK
Fidelity National Information Services, or FIS, will pay about 30 billion euros for Worldpay, which has a significant presence in the United Kingdom and is a major player in the card payments sector. The company offers online payment solutions to ecommerce businesses and financial institutions all over the world. Among its customers are Topshop, Clarks and Kobo.
The announced acquisition follows one year after Vantiv paid several billions of euros for the payments company that was founded in the UK and is a spin-off from the Royal Bank of Scotland.
Once the deal is completed, the two companies will have an annual revenue of over 10 billion euros with adjusted core earnings of about 4.4 billion euros. If regulators approve the acquisition, the deal should lead to an organic revenue growth of 6 to 9 percent through 2021, both companies say.
‘Scale matters in our industry’
“Scale matters in our rapidly changing industry. Upon closing later this year, our two powerhouse organizations will combine forces to offer a customer-driven combination of scale, global presence and the industry’s broadest range of global financial solutions”, Gary Norcross, the CEO of FIS, commented.