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FIS Hits Off Major Deal With WorldPay
Online casinos, land-based casinos and state Lotteries all make use of WorldPay’s portfolio of services.
Finalisation By Second Half Of 2019
The transaction is at this stage still subject to approval by the group’s shareholders, as well as to regulatory approval being finalised successfully. This is all expected to be in place before the second half of the current year is out.
Once everything has been finalised, FIS shareholders will hold 53% of the combined shares, and WorldPay’s shareholders, 47%.
According to Gary Norcross, President, Chairman and CEO of FIS, the competitive nature of the industry dictates that scale, scope and sheer size really does matter and in a big way. Norcross referred to the financial services and solutions industry as being a rapidly changing industry, and said that thanks to the size and scale of the combined effort, the new entity will be in a position to bring services of the highest quality and value to its customers.
WorldPay is more than 40 years in business, and in 2010 was spun off from the Royal Bank of Scotland for a miniscule £2 billion. Permission was granted as such in view of the global recession that had left bank in a state of financial bailout.
Ever since, WorldPay has grown into an industry giant in its own right, and it’s now estimated that its worth, combined with that of FIS, will be the making of a combined annual turnover of more than £12 billion.
According to an investment director at AJ Bell, Russ Mould, combining forces will provide the two entities with the best possible fighting chance at becoming a global payments powerhouse.