The new reports have come following FIS' announcement made in February 2023 that it plans to spin off Worldpay into a separate publicly traded business to enable the latter to pursue more aggressive investment opportunities, including mergers and acquisitions
Worldpay was acquired by FIS in 2019 in a multi-billion-dollar deal. (Credit: aymane jdidi from Pixabay)
Fidelity National Information Services (FIS) is reportedly exploring the sale of majority stake in payment technology company Worldpay at a valuation of more than $15bn.
US-based private equity firm Advent is among the parties which is considering a bid, reported Financial Times, citing undisclosed sources with knowledge of the matter.
Advent was also previously part of a consortium that owned Worldpay.
Furthermore, the news agency reported that Chicago-based private equity group GTCR which divested a business to Worldpay in 2010, has also studied a bid.
The new reports have come following FIS’ announcement made in February 2023 that it plans to spin off Worldpay into a separate publicly traded business.
Through the spin-off, FIS aims to enable Worldpay to pursue more aggressive investment opportunities, including mergers and acquisitions (M&A).
Worldpay was acquired by FIS in July 2019 in a cash and stock deal valuing the former at around $43bn, including its debt. Through the acquisition, FIS intended to create a global leader in technology and solutions for merchants, banks, and capital markets.
Following the acquisition, the combined company had more than $12bn in pro forma revenue and over 55,000 employees.
Last week, FIS announced a partnership with Visa to allow eligible merchants using Worldpay from FIS UK to accept payments through the Visa Instalments checkout feature, marking the first-time integration of this functionality.
According to FIS, Worldpay is the first merchant acquirer to offer Visa Instalments as an option at checkout in the UK and HSBC UK is the first card issuer in the country to offer the service to its credit card customers.