Sale comes at $18.5bn valuation
IN BRIEF:
FIS has agreed to sell 45% of its Worldpay Merchant Solutions business to private equity funds managed by GTC
The firm will receive upfront, net proceeds of around $11.7bn while retaining a non-controlling 45% ownership interest in a new standalone joint venture
The payment giant has already moved to cut hundreds of millions of dollars in costs
What does this mean?
Stephanie Ferris, Chief Executive Officer and President: "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."
