Worldpay, a global payments provider with British roots, is being acquired in an eye-popping deal worth $43bn (£32.4bn), which includes debt.
US-based FIS (FIS) announced the purchase on Monday. FIS is a giant in the financial services technology industry and said it was making the purchase to expand and improve its payment services, as well as gain access to new, growing markets.
Worldpay (WP, WPY.L) processes roughly 31 million transactions per day for retailers and merchants across 146 countries. It is a market leader in the UK, processing over 40% of all transactions in the country.
The Royal Bank of Scotland (RBS.L) spun out Worldpay roughly a decade ago as part of the terms of its state-backed bailout. It was purchased by Advent International and Bain Capital for a reported £2bn.
Worldpay was most recently purchased in early 2018 by US credit card processing company Vantiv in a $10.6bn deal.
The new deal to purchase Worldpay is set to be completed using a combination of FIS stock and cash. The final, combined company will be 53% owned by FIS shareholders and 47% owned by Worldpay’s stakeholders.
The purchase will cost about $35bn but debt brings the total value of the deal to $43bn.