- U.S. fintech Fidelity National Information Services Inc has agreed to buy payment processor Worldpay for about $35 billion, the biggest deal to date in the fast-growing electronic payments industry.
Global payments are set to reach $3 trillion a year in revenue by 2023, according to consulting firm McKinsey, as more people switch from cash to digital payments. The FIS deal, valuing Worldpay at about $43 billion when debt is included, comes a little more than a year after U.S. firm Vantiv paid $10.63 billion for the payments firm, which was set up in Britain and spun off from Royal Bank of Scotland in 2010.
Worldpay is a major player in card payments, particularly in Britain, while FIS focuses on retail and institutional banking, as well as payments.“You need scale to win at payments processing and this deal certainly gives the two companies incredible breadth of coverage,” said Russ Mould, investment director at AJ Bell.
You know you are well over the hill when a company you’ve never heard of pays $35 billion for another company you’ve never heard of.
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