FIS reportedly in talks to sell majority stake in Worldpay for $15bn
FIS is reportedly weighing up the potential sale of a majority stake in its merchant business, which mainly consists of payments software arm Worldpay, at a valuation of around $15 billion.
FIS reportedly looking to sell majority stake in Worldpay
The Financial Times reported last week that a number of parties were considering bids for Worldpay, including US buyout firm Advent International, which was previously part of the consortium that owned Worldpay, and US-based private equity firm GTCR.
However, Reuters now reports that GTCR’s offer has won out over Advent’s and the firm is now in advanced talks to acquire a majority stake in FIS’s merchant business in a deal valued between $15 billion and $20 billion, the largest in GTCR’s history.
Sources also tell Reuters that FIS plans to keep a minority stake in the business if the deal goes through.
If FIS agrees to sell, it would be reversing its earlier announced plans to spin off its merchant business unit into separate entities to foster “greater strategic flexibility and operational focus”.
Worldpay was acquired by FIS for around $43 billion back in 2019.
Current FIS CEO Stephanie Ferris joined the company via that Worldpay acquisition. Ferris was appointed as president in February last year and took over as CEO from Gary Norcross on 1 January 2023. The company has since embarked on cost-saving initiatives including axing thousands of jobs following a slump in the company’s share price over 2022.
Last month, it acquired Banking-as-a-Service (BaaS) start-up Bond for an undisclosed sum in a bid to “close a gap” in its embedded finance capabilities.
