FIS has announced it will purchase Global Payments' (GPN) issuer solutions business for $12bn, with GPN intending to buy WorldPay for $22.7bn
(Note: WorldPay is 45% owned by FIS and 55% owned by Chicago private equity firm GTCR).
GPN is essentially divesting (issuer solutions) and investing (WorldPay), with a net investment of $10.7bn.
GPN is run by Cameron Bready, who moved up from the CFO role, and was formerly of ITC Holdings Corp, electricity transmission company (publicly traded), where he focused on Finance and corporate development and prior to that was at Northeast utilities. He studied business in Atlanta. What remains in Global Payments following the divestment should be clearly understood - of course WorldPay will be a new integration.
Lots of analyst commentary has bubbled up around this deal with Mizuho commenting FIS is "winning the trade" as it acquires a "stable grower". Less commentary has surrounded GPN (GPN-WorldPay) specifically.
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