Fidelity National to Sell Majority Stake in Worldpay to GTCR
06 Julho 2023 - 8:57AM
Dow Jones News
By Dean Seal
Fidelity National Information Services has agreed to sell a
majority stake in its Worldpay Merchant Solutions segment to
private-equity funds managed by GTCR in a deal that values the
merchant business at $18.5 billion.
The financial-services-technology company said Thursday that it
will receive upfront proceeds of about $11.7 billion while
retaining a non-controlling 45% ownership interest in a standalone
joint venture.
Proceeds from the sale will be used to pay down debt and return
additional capital to shareholders via share buybacks.
Upon closing, Charles Drucker will become the new chief
executive of WorldPay.
The deal has been unanimously approved by Fidelity's board of
directors and is expected to close in the first quarter of
2024.
Fidelity said earlier this year that it was looking to spin off
Worldpay into a separate company. Doing so would help Fidelity
target a stronger investment credit rating and drive stronger
performances at each business, executive said at the time.
In tandem with the deal announcement on Thursday, Fidelity said
it now expects to deliver revenue, adjusted earnings and adjusted
earnings before interest, taxes, depreciation and amortization in
the second quarter that is above the midpoint of its guidance.
Shares ticked up 2% to $60.99 in premarket trading.
Write to Dean Seal at dean.seal@wsj.com
(END) Dow Jones Newswires
July 06, 2023 07:42 ET (11:42 GMT)
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