Fidelity National Information Services, Inc. (FIS), a financial services technology firm, said on Thursday that it has inked a deal to sell a majority stake in Worldpay Merchant Solutions business, to private equity funds managed by GTCR for $18.5 billion. This includes a $1 billion contingent on the returns realized by GTCR after exceeding certain milestones.
Stephanie Ferris, CEO of FIS, said: "This transaction allows FIS to partially monetize our Merchant Solutions business at an attractive valuation and provides certainty for all stakeholders. It also allows us to simplify and drive greater focus on delivering innovative, next-generation financial technology and software solutions..."
Upon the closing of the transaction, expected by the first-quarter of 2024, FIS will receive upfront net proceeds of around $11.7 billion while retaining a non-controlling 45 percent ownership interest in a new standalone joint venture.
FIS will use proceeds to repay debt and return additional capital to shareholders through its existing share repurchase authorization, as well as for general corporate purposes.
As part of the deal, GTCR has committed an additional equity capital investment of up to $1.25 billion in Worldpay to pursue inorganic growth opportunities. As announced earlier, Charles Drucker will become CEO of Worldpay upon closure of the transaction.
Looking ahead, previewing its second quarter results, FIS expects to be above the mid-point of its guidance for revenue, adjusted EBITDA, and adjusted earnings per share.
On April 27, FIS had announced that it expects its second-quarter revenue to be in the range of $3.675 billion - $3.725 billion, with adjusted EPS of $1.45 - $1.50.
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