FIS FIS, which announced a “comprehensive assessment” of its business under its new management team in December, intends to maintain a commercial relationship with the Worldpay merchant business that it is spinning off. The move essentially reverses the Worldpay merger that FIS announced in early 2019.
The spinoff of Worldpay is expected to be conducted in a tax-free manner and completed within 12 months, according to Monday’s release. FIS shareholders will receive a pro-rata distribution of shares in Worldpay, though the company has yet to determine the actual number of shares that will be distributed.
Chief Executive Stephanie Ferris added that the move “will enable FIS to target a strong investment-grade credit rating, while allowing Worldpay to invest more aggressively for growth.”