Fidelity National Information Services, Inc. is acquiring Cincinnati-based Worldpay for $43 billion in a stock-and-cash deal, the companies announced this week.
Announced on March 18, the merger between the Jacksonville, Fla.-based financial technology firm and the e-commerce tech company (formerly known as Vantiv) is expected to produce an entity with "approximately $12.3 billion pro forma 2018 annual revenue," the release states.
The move unites the two organizations' "complementary solutions and services" while increasing FIS' "acquiring and payment offerings" as well as Worldpay's "distribution footprint," the release continues.
“Scale matters in our rapidly changing industry,” said FIS CEO, Chairman and President Gary Norcross. “As a combined organization, we will bring the most modern solutions targeted at the highest growth markets. 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.”
Worldpay CEO and Executive Chairman Charles Drucker echoed these sentiments.
“We are proud to become part of one of the financial services industry’s most respected and consistently performing companies, and I am excited about the new opportunities this brings both for the business and our colleagues worldwide," he said.
The merged company will go by FIS, and its new leadership will include a 12-member board of directors, with representation split seven (FIS) to five (Worldpay). Norcross will lead as FIS CEO, president and chairman of the board, with Drucker in the position of the executive vice president of the board. Headquarters will remain in Jacksonville.
