Fidelity National Information Services (FIS) are to be taken over by payment giant Worldpay, in a deal worth £32.4bn
Florida based FIS will take control of 53% of the combined group, with Worldpay’s investors holding the remainder.
In pro-forma revenue the combined company are expected to generate £9.2bn in 2018, the company are expected to save £377.5m in revenue costs.
Gary Norcross, chairman and chief executive officer of FIS said, “Scale matters in our rapidly changing industry.
“Upon closing later this year, our two powerhouse organisations will combine forces to offer a customer-driven combination of scale, global presence and the industry’s broadest range of global financial solutions.”
Worldpay shareholders are set to receive 0.9287 of a FIS share and £8.31 in cash, under the terms of the deal.
Charles Drucker, Worldpay executive chairman and chief executive 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 benefiting from new scale and capabilities that will truly differentiate the company globally.”