Global payments business WorldPay has hit a $43bn valuation including debt by being bought out by New York-listed fintech major FIS.
WorldPay, which was formerly owned by private equity majors Advent International and Bain Capital Partners, was valued at just $7.8bn when it floated on the London Stock Exchange four years ago.
The payments processing business works on more than 40 billion transactions each year, supporting more than 300 payment types across more than 120 currencies.
FIS president and CEO Gary Norcross said, “Scale matters in our rapidly changing industry.
“Upon closing later this year, our two powerhouse organizations will combine forces to offer a customer-driven combination of scale, global presence and the industry’s broadest range of global financial solutions.
“As a combined organization, we will bring the most modern solutions targeted at the highest growth markets.
“The long-term value we will create for clients and for shareholders will set the bar in our industry and will create a range of new career opportunities for our employees.
“I have never been more excited about the future of FIS.”
FIS provides payment processing and banking software, services and outsourcing of associated technology.
The combined company will have pro forma 2018 annual revenue and adjusted EBITDA of about $12.3bn and $4.9bn respectively.
“Worldpay executive chairman and CEO Charles Drucker said, “At Worldpay, our focus has always been on delivering more value to our clients and partners and making decisions that achieve our growth and performance objectives.
“Combining with FIS helps us accelerate the achievement of that, now benefitting from new scale and capabilities that will truly differentiate the company globally.
“We are proud to become part of one of the financial services industry’s most respected and consistently performing companies, and I am excited about the new opportunities this brings both for the business and our colleagues worldwide.”
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