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FIS, Worldpay To Merge In Stock And Cash Deal - Quick Facts

FIS (FIS) and Worldpay, Inc. (WP, WPY.L) announced a definitive merger agreement. The combination of stock and cash values Worldpay at an enterprise value of approximately $43 billion, including the assumption of Worldpay debt, which FIS expects to refinance. At the closing, Worldpay shareholders will be entitled to receive 0.9287 FIS shares and $11.00 in cash for each share of Worldpay. Upon closing, FIS shareholders will own approximately 53 percent and Worldpay shareholders will own approximately 47 percent of the combined company.

The combined company will retain the name FIS. Upon closing, Gary Norcross will remain as FIS Chairman of the Board, President and CEO. Charles Drucker, Worldpay's current Executive Chairman and CEO, will serve as the Executive Vice Chairman of the Board. The deal is expected to close in the second half of 2019.

The combined company will have pro forma 2018 annual revenue and adjusted EBITDA of approximately $12.3 billion and $4.9 billion, respectively. FIS anticipates continuing to grow its dividend supported by robust free cash flow. Organic revenue growth outlook of 6 percent to 9 percent through 2021 is projected, in conjunction with $700 million of total EBITDA synergies from the combination of revenue and expense opportunities over the next three years.

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