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  • Payment
  • Players’ Strategy
  • United States

FIS Acquires WorldPay


  • The American FinTech Fidelity National Information Services enters into a definitive merger agreement with the payments giant WorldPay: a $35 Bn acquisition in stock and cash values (€30.85 Bn).
  • Goal: Build a new payment industry leader.
  • FIS shareholders will own 53% and WorldPay shareholders will own 47% of the combined company. The transaction is expected to close in H2 2019.
  • Perspectives:
    • The combined company will have approximately $12.3 Bn pro forma 2018 annual revenue and adjusted EBITDA of approximately $12.3 Bn.
    • They envision an organic revenue growth ranging from 6 to 9% through 2021
    • They anticipate nearly $4.5 Bn in free cash flow in three years
    • They expect $500 M in revenue synergies, and $400 M of run-rate expense synergies


  • A promising sector. Industry giants are securing their positions and have been announcing more external acquisitions. A way for them to scale up significantly. For FIS, this operation is a means to aim for diversification and enter the fast-growing payment sector.
  • Consistent evolution. According to a survey by McKinsey, the e-payment market should be worth $3,000 Bn by 2023. Fewer people choose to rely on cash as more favour digital solutions when making purchases. This trend accounts for the persisting focus on consolidating this industry.
  • Post-acquisition. One of the main challenges for these groups would be to build a joint corporate culture and define their strategy on a market which experiences high competitive pressure.


  • Less than 2 years ago, WorldPay bought out Vantiv, which was also rebranded. FIS, too carried out several acquisition processes, the largest of which remains their buyout of SunGard for $9 Bn.
  • Payment sectors keep being shaped by an ongoing focus on consolidation: Before the FIS/WorldPay deal, outstanding examples include iZettle’s acquisition by PayPal in 2018, and First Data’s purchase by Fiserv in January.
  • Following this announcement, several European players saw their prices rise on the stock market: Ingenico, Worldline and Adyen, for instance.