The US fintech Fidelity National Information Services (FIS) has reached a “definitive agreement” to acquire payment services firm Worldpay for a total of 43,000 million dollars (37,891 million euros), including debt, according to both companies in a statement.
This is the second major operation in less than two years carried out by Worldpay, which in the summer of 2017 was acquired by Vantiv, an American card payment company, for 8,000 million pounds sterling (9,355 million euros).
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According to the terms of the transaction, Worldpay shareholders will receive the payment of 0.9287 shares of FIS in addition to 11 dollars in cash for each title of Worldpay in their possession. Thus, at the close of the transaction, the current shareholders of FIS will own 53% of the new company, while Worldpay shareholders will control the remaining 47%.
The pro forma invoicing of the new combined company would amount to 12,300 million dollars (10,838 million euros) in 2018 and an adjusted operating profit of 4,900 million dollars (4,320 million euros).
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Likewise, the companies calculate that they will achieve revenue synergies amounting to some 500 million dollars (440 million euros), as well as cost synergies of some 400 million dollars (352 million euros) and a free cash flow of almost 4,500 million dollars (3,968 million euros) in three years.
“Scale is important in our rapidly changing industry,” said Gary Norcross, president and CEO of FIS, noting that the long-term value they will create for shareholders will serve as a standard for the industry.