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FIS and Worldpay agree on a $43bn merger

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The race to create a global payments giant is shifting up a gear

THE PROCESSING of payments was once regarded as a boring piece of financial plumbing. So dull, in fact, that even banks shunned it. Fidelity National Information Services, aka FIS, which provides computing systems for thousands of financial institutions, finds pipework positively alluring. On March 18th the Florida-based financial-technology group agreed to take over Worldpay, a payment-processor, for $43bn including debt. The deal is the largest ever in the payments industry.

Consolidation is now reaching a new phase. Propelled by the move to cashless e-commerce, the payments industry is expected to jump from $805bn in annual revenue in 2010 to $2.4trn in 2027, according to BCG, a consultancy. Existing players are rushing to build scale. The Worldpay-FIS deal is “about grabbing that market today, and grabbing it quickly”, Charles Drucker, Worldpay’s executive chairman and chief executive, said when the merger was announced.

 

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U.S. fintech to buy Worldpay as electronic payments business boomsU.S. fintech Fidelity National Information Services Inc (FIS) has agreed to buy ... 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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