01—Abstract
Summary
Summary of the 8-K filed April 21, 2025. Cited figures are marked; the original filing is the authoritative source.
Fidelity National Information Services, Inc. (FIS) announced a significant strategic transaction on April 17, 2025, wherein it has agreed to acquire the Issuer Solutions business from Global Payments Inc. for an enterprise value of $13.5 billiona.
As part of this deal, FIS will divest its equity interests in Worldpay to Global Payments, with the aggregate valuation of Worldpay set at $24.25 billionb. FIS expects to realize approximately $6.6 billion pre-tax from the Worldpay portion of the transaction, subject to adjustments. This move indicates a strategic shift for FIS, focusing on acquiring Global Payments' Issuer Solutions business while exiting its Worldpay stake.
The transaction is complex, involving cross-conditional agreements with Global Payments and GTCR, and is subject to customary closing conditions, including regulatory approvals. FIS has secured an $8 billionc bridge loan facility to finance the acquisition, with plans to seek permanent financing later. The successful closure of this deal is anticipated by April 16, 2026, with potential extensions for regulatory reasons.
02—Key points
Key Highlights
- FIS to acquire Global Payments' Issuer Solutions business for $13.5 billion.
- FIS to sell its equity interests in Worldpay as part of the transaction.
- Aggregate enterprise value for Worldpay is $24.25 billion.
- FIS expects approximately $6.6 billion pre-tax from the Worldpay sale, subject to adjustments.
- Transaction is cross-conditioned with a separate agreement involving GTCR.
- FIS has secured an $8 billion bridge loan commitment for acquisition financing.
- Deal is subject to customary closing conditions, including regulatory approvals, with a target completion date of April 16, 2026.
03—Questions
Frequently Asked Questions
What is the primary strategic action FIS is undertaking with this filing?
FIS is entering into a material definitive agreement to acquire Global Payments' Issuer Solutions business for $13.5 billion. Simultaneously, FIS is divesting its equity interests in Worldpay as part of this overall transaction.
How is the Worldpay divestiture structured and what is its valuation?
FIS is selling its equity interests in Worldpay to Global Payments. The aggregate enterprise value for Worldpay is set at $24.25 billion, and FIS anticipates receiving approximately $6.6 billion pre-tax from this divestiture after accounting for its share and a control premium allocation to GTCR, subject to closing adjustments.
What is the financing plan for this acquisition?
FIS has secured an $8 billion commitment for a 364-day senior unsecured bridge term loan facility to help finance the consideration payable for the Issuer Solutions business. FIS intends to seek permanent financing to replace this bridge facility prior to the closing of the transaction.
What are the key conditions for closing this transaction?
The transaction is subject to customary mutual closing conditions, including the receipt of required regulatory clearances and approvals in various jurisdictions (antitrust, foreign investment, financial services laws), the absence of any legal impediments, and the completion of a pre-closing restructuring by Global Payments. The consummation of the FIS agreement is also cross-conditioned on the execution of a separate agreement involving GTCR.
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