Firm partners with FIS and former Worldpay CEO
Charles Drucker to acquire leading
global provider of payments technology and solutions
CHICAGO, July 6, 2023
/PRNewswire/ -- GTCR, a leading private equity firm, announced
today that it has signed a definitive agreement to acquire a
majority stake in Worldpay ("Worldpay" or "the Company"), a leading
global provider of payment processing solutions, from FIS® (NYSE:
FIS), a global leader in financial services technology. GTCR will
acquire 55% of Worldpay, and FIS will retain the remaining 45%, in
a transaction that values the business at $18.5 billion. As part of the agreement, GTCR has
committed an additional equity capital investment in Worldpay of up
to $1.25 billion to pursue inorganic
growth opportunities. Worldpay and FIS will continue to work
together closely in partnership on a commercial basis to best serve
customers and deliver innovative solutions into the marketplace.
Charles Drucker, the former
Executive Chairman and Chief Executive Officer of Worldpay, will
become CEO of the standalone Worldpay business upon close.
![www.gtcr.com (PRNewsfoto/GTCR) www.gtcr.com (PRNewsfoto/GTCR)](https://mma.prnewswire.com/media/1914410/GTCR_Logo.jpg)
Worldpay is a leading global provider of payments technology and
solutions that enable merchants to accept and process in-store,
online and mobile electronic payments. The business processes more
than $2 trillion of transaction
volume per year for over one million merchant locations, including
blue-chip customers, across industries such as retail, technology,
media, travel, online gaming and financial services. Worldpay is an
established leader in the space and offers a unique combination of
scale, geographic coverage, breadth of offerings and vertical
expertise.
GTCR is investing in Worldpay to enable accelerated growth
through innovation and strategic acquisitions. As an independent
company, Worldpay will be well positioned to benefit from enhanced
agility that will enable it to accelerate organic growth by
increasing investment in product development and technology,
entering new end markets, expanding its geographic footprint and
investing in key growth areas. The Company, in partnership with
GTCR, will also pursue strategic M&A opportunities across
verticals and geographies, as it has done successfully in the past,
to augment Worldpay's capabilities and expand its market
opportunity.
"We are thrilled to partner with Worldpay and its talented team
to drive forward this market leading business," said Collin Roche, GTCR Co-CEO and Managing Director.
"Worldpay has established itself as a leader in the payments
sector, and we see strong opportunity to enhance its existing
physical, e-commerce and omni-channel presence through additional
investment, allowing the business to capitalize on digital payment
trends. We look forward to leveraging the strength of the entire
organization to build an even better business, positioning Worldpay
for sustainable, long-term growth."
Mr. Drucker, an experienced financial services executive with a
track record of growth and value creation at Worldpay, will rejoin
the company that he led for a decade. He previously served as CEO
of Worldpay's predecessor, Vantiv, Inc., a former division of Fifth
Third Bancorp, which he helped carve out and lead through an
initial public offering.
Mr. Drucker commented: "Along with a group of extremely talented
payments professionals, we successfully built Worldpay into a truly
unique and global business that is well positioned to take
advantage of the current dynamics in the payments market as a
standalone business. I couldn't be more excited to work with these
colleagues and GTCR to win in the global marketplace. The GTCR team
has deep knowledge and experience within the financial technology
sector, which will help position Worldpay for long-term success. I
am extremely confident in the future of the business."
Aaron Cohen, Managing Director
and Head of Financial Services & Technology at GTCR, stated:
"As a firm, we have a long history of investing in the payments
sector and have always viewed Worldpay as an innovative leader in
the industry. The business has built a loyal core customer base by
continuously evolving its product capabilities to meet merchant and
consumer needs. Together with FIS and the Worldpay team, we plan to
invest in attractive growth areas to continue to capture market
opportunities, innovate products and solutions, and drive value to
end customers and stakeholders."
The transaction is expected to close by Q1 2024 following the
receipt of regulatory approvals and contractual consents.
JPMorgan Chase Bank, N.A., Goldman Sachs, Citi, Wells Fargo
Bank, National Association, Deutsche Bank Securities Inc. and UBS
Securities LLC are providing debt financing support for the
transaction. Citi, Wells Fargo Securities, LLC, Deutsche Bank
Securities Inc. and UBS Securities LLC also served as financial
advisors to GTCR. Raymond James
& Associates, Inc., William Blair, TD Cowen and Piper Sandler & Co. also served as financial
advisors. Kirkland & Ellis LLP provided legal counsel and Paul
Hastings LLP provided regulatory legal counsel.
About GTCR
Founded in 1980, GTCR is a leading private equity firm that
pioneered The Leaders Strategy™ – finding and partnering with
management leaders in core domains to identify, acquire and build
market-leading companies through organic growth and strategic
acquisitions. GTCR is focused on investing in transformative growth
in companies in the Business & Consumer Services, Financial
Services & Technology, Healthcare and Technology, Media &
Telecommunications sectors. Since its inception, GTCR has invested
more than $24 billion in over 270
companies, and the firm currently manages more than $35 billion in equity capital. GTCR is based in
Chicago with offices in
New York and West Palm Beach. For more information, please
visit www.gtcr.com. Follow us on LinkedIn.
About FIS
FIS is a leading provider of technology
solutions for financial institutions and businesses of all sizes
and across any industry globally. We enable the movement of
commerce by unlocking the financial technology that powers the
world's economy. Our employees are dedicated to advancing the way
the world pays, banks and invests through our trusted innovation,
system performance and flexible architecture. We help our clients
use technology in innovative ways to solve business-critical
challenges and deliver superior experiences for their customers.
Headquartered in Jacksonville,
Florida, FIS is a member of the Fortune
500® and the Standard & Poor's
500® Index. To learn more,
visit www.FISglobal.com. Follow FIS
on Facebook, LinkedIn and Twitter (@FISglobal).
GTCR Contacts
Investor Relations
Jodi Rubenstein
312.382.2202
jodi.rubenstein@gtcr.com
Media Relations
Andrew
Johnson
212.835.7042
andrew.johnson@gtcr.com
View original content to download
multimedia:https://www.prnewswire.com/news-releases/gtcr-to-acquire-majority-stake-in-worldpay-301871102.html
SOURCE GTCR