GTCR Announces Sale of Worldpay to Global Payments for $24.25 Billion in Conjunction with Transformative Three-Way Transaction
GTCR has announced the sale of Worldpay to Global Payments for $24.25 billion in a three-way transaction. The deal involves GTCR selling its 55% stake and FIS's 45% stake in Worldpay, while FIS will acquire Global Payments' Issuer Solutions business for $13.5 billion.
Under the agreement terms, GTCR will receive 59% cash and 41% stock consideration, resulting in 15% ownership of Global Payments' outstanding shares. The transaction follows GTCR's July 2023 acquisition of Worldpay's majority stake from FIS, where CEO Charles Drucker led initiatives to enhance global processing capabilities, launch innovative payment solutions, and strengthen fraud prevention offerings.
The transaction is expected to close in the first half of 2026, subject to regulatory approvals and customary closing conditions. Both the Worldpay sale and Global Payments' Issuer Solutions business sale are cross-conditioned and will close simultaneously.
GTCR ha annunciato la vendita di Worldpay a Global Payments per 24,25 miliardi di dollari in un'operazione a tre parti. L'accordo prevede che GTCR ceda la sua quota del 55% e FIS la sua quota del 45% in Worldpay, mentre FIS acquisirà il business Issuer Solutions di Global Payments per 13,5 miliardi di dollari.
Secondo i termini dell'accordo, GTCR riceverà il 59% in contanti e il 41% in azioni, ottenendo così una partecipazione del 15% nelle azioni in circolazione di Global Payments. L'operazione segue l'acquisizione, da parte di GTCR nel luglio 2023, della quota di maggioranza di Worldpay da FIS, durante la quale l'amministratore delegato Charles Drucker ha guidato iniziative per migliorare le capacità di elaborazione globale, lanciare soluzioni di pagamento innovative e rafforzare le offerte di prevenzione delle frodi.
La chiusura dell'operazione è prevista nella prima metà del 2026, subordinata alle approvazioni normative e alle condizioni consuete di chiusura. La vendita di Worldpay e quella del business Issuer Solutions di Global Payments sono condizionate reciprocamente e si concluderanno simultaneamente.
GTCR ha anunciado la venta de Worldpay a Global Payments por 24,25 mil millones de dólares en una transacción tripartita. El acuerdo implica que GTCR venda su participación del 55% y FIS su 45% en Worldpay, mientras que FIS adquirirá el negocio Issuer Solutions de Global Payments por 13,5 mil millones de dólares.
Según los términos del acuerdo, GTCR recibirá un 59% en efectivo y un 41% en acciones, resultando en una participación del 15% en las acciones en circulación de Global Payments. La transacción sigue a la adquisición en julio de 2023 por parte de GTCR de la participación mayoritaria de Worldpay de FIS, donde el CEO Charles Drucker lideró iniciativas para mejorar las capacidades de procesamiento global, lanzar soluciones de pago innovadoras y fortalecer las ofertas de prevención de fraude.
Se espera que la transacción se cierre en la primera mitad de 2026, sujeta a aprobaciones regulatorias y condiciones habituales de cierre. Tanto la venta de Worldpay como la del negocio Issuer Solutions de Global Payments están condicionadas mutuamente y se cerrarán simultáneamente.
GTCR는 Worldpay를 Global Payments에 242억 5천만 달러에 3자 거래 방식으로 매각한다고 발표했습니다. 이번 거래는 GTCR이 Worldpay 지분 55%를, FIS가 45%를 매각하는 한편, FIS는 Global Payments의 Issuer Solutions 사업부를 135억 달러에 인수하는 내용을 포함합니다.
계약 조건에 따라 GTCR은 59% 현금과 41% 주식으로 보상을 받으며, Global Payments의 발행 주식 중 15%의 지분을 보유하게 됩니다. 이 거래는 2023년 7월 GTCR이 FIS로부터 Worldpay의 과반수 지분을 인수한 이후 진행된 것으로, CEO 찰스 드러커는 글로벌 처리 역량 강화, 혁신적인 결제 솔루션 출시, 사기 방지 서비스 강화 등의 이니셔티브를 주도했습니다.
이번 거래는 규제 승인과 일반적인 마감 조건을 충족하는 것을 전제로 2026년 상반기에 완료될 예정입니다. Worldpay 매각과 Global Payments의 Issuer Solutions 사업 매각은 상호 조건부로, 동시에 마감됩니다.
GTCR a annoncé la vente de Worldpay à Global Payments pour 24,25 milliards de dollars dans le cadre d'une transaction à trois parties. L'accord prévoit que GTCR vende sa participation de 55 % et FIS sa participation de 45 % dans Worldpay, tandis que FIS acquerra l'activité Issuer Solutions de Global Payments pour 13,5 milliards de dollars.
Selon les termes de l'accord, GTCR recevra 59 % en espèces et 41 % en actions, ce qui se traduira par une détention de 15 % des actions en circulation de Global Payments. Cette transaction fait suite à l'acquisition par GTCR en juillet 2023 de la participation majoritaire de Worldpay auprès de FIS, où le PDG Charles Drucker a dirigé des initiatives visant à améliorer les capacités de traitement global, lancer des solutions de paiement innovantes et renforcer les offres de prévention de la fraude.
La clôture de la transaction est prévue pour le premier semestre 2026, sous réserve des approbations réglementaires et des conditions habituelles de clôture. La vente de Worldpay et celle de l'activité Issuer Solutions de Global Payments sont conditionnées l'une à l'autre et se clôtureront simultanément.
GTCR hat den Verkauf von Worldpay an Global Payments für 24,25 Milliarden US-Dollar in einer Dreiparteien-Transaktion bekanntgegeben. Dabei verkauft GTCR seinen 55%-Anteil und FIS seinen 45%-Anteil an Worldpay, während FIS das Issuer Solutions-Geschäft von Global Payments für 13,5 Milliarden US-Dollar übernimmt.
Gemäß den Vertragsbedingungen erhält GTCR 59% in bar und 41% in Aktien, was zu einem Anteil von 15% an den ausstehenden Aktien von Global Payments führt. Die Transaktion folgt auf den Erwerb der Mehrheitsbeteiligung an Worldpay durch GTCR von FIS im Juli 2023, wobei CEO Charles Drucker Initiativen zur Verbesserung der globalen Verarbeitungskapazitäten, Einführung innovativer Zahlungslösungen und Stärkung der Betrugspräventionsangebote leitete.
Der Abschluss der Transaktion wird für das erste Halbjahr 2026 erwartet, vorbehaltlich behördlicher Genehmigungen und üblicher Abschlussbedingungen. Sowohl der Verkauf von Worldpay als auch der Verkauf des Issuer Solutions-Geschäfts von Global Payments sind wechselseitig bedingt und werden gleichzeitig abgeschlossen.
- Sale price of $24.25 billion represents significant value creation
- GTCR maintains 15% ownership stake in combined entity
- Strategic combination strengthens market position in global payments
- Successful operational improvements and technology investments under GTCR ownership
- Long closing timeline extending to first half of 2026
- Transaction subject to regulatory approvals and closing conditions
- Deal completion dependent on simultaneous closing of separate Issuer Solutions transaction
Insights
FIS's strategic pivot: divesting Worldpay while acquiring Global Payments' Issuer Solutions reshapes its business model amid significant execution risks through 2026.
This $24.25 billion transaction marks a significant strategic pivot for FIS, which is completely exiting the merchant acquiring business while simultaneously strengthening its issuer processing capabilities. The deal's structure is notably complex: FIS will sell its remaining 45% stake in Worldpay (having previously sold 55% to GTCR in 2023) while simultaneously acquiring Global Payments' Issuer Solutions business valued at $13.5 billion.
This transaction represents the culmination of FIS's strategic shift away from merchant acquiring to focus on its core financial technology offerings. By divesting Worldpay completely and acquiring the Issuer Solutions business, FIS is transforming into a more focused entity with potentially clearer growth prospects and business model.
However, investors should note several critical considerations. The extended timeline (closing expected in first half of 2026) creates significant execution uncertainty during a nearly two-year regulatory review period. The cross-conditioned nature of both transactions adds complexity and potential risks if regulatory challenges emerge.
The absence of specific financial details regarding how this will impact FIS's revenue, earnings, or balance sheet makes it difficult to fully assess the shareholder value proposition. Without understanding the revenue contribution of the divested Worldpay stake versus the acquired Issuer Solutions business, the net financial impact remains unclear.
This transaction aligns with broader industry trends of specialization in the payments ecosystem, with companies increasingly focusing on either issuing or acquiring rather than maintaining hybrid models. For FIS, this represents a definitive strategic choice to exit merchant acquiring completely, betting on the long-term value of a more concentrated business model.
Complex three-way transaction reshapes FIS through simultaneous divestiture and acquisition, with significant execution challenges through extended 2026 closing timeline.
This transaction exemplifies the increasing complexity of strategic realignments in the fintech sector. The structure involves FIS divesting its remaining 45% Worldpay stake while simultaneously acquiring Global Payments' Issuer Solutions business in an intricate three-way deal.
The cross-conditioned nature of both transactions is particularly noteworthy from a deal structure perspective. This mechanism ensures FIS won't be left with an unbalanced position if only one component closes, but it also amplifies execution risk as both deals must successfully navigate regulatory approvals.
The $13.5 billion valuation for Global Payments' Issuer Solutions business being acquired by FIS represents a significant commitment to this segment. However, without detailed financial metrics on this business unit's profitability, growth rate, or integration complexity, it's difficult to assess whether this valuation represents fair market value.
The extended timeline to closing (first half of 2026) suggests anticipation of substantial regulatory scrutiny, which is typical for transactions of this magnitude in the payments industry. This prolonged period creates material deal uncertainty and potential for evolving market conditions to affect the strategic rationale.
For FIS, this transaction contains elements of both an exit strategy (from merchant acquiring) and a doubling-down approach (on issuer processing). The company appears to be strategically reshaping its business portfolio toward higher-margin, more predictable revenue streams while reducing exposure to the increasingly competitive merchant acquiring space.
The deal structure reflects careful consideration of stakeholder interests, with GTCR receiving 59% cash and 41% stock while maintaining a 15% ownership stake in Global Payments post-closing, aligning incentives for successful integration.
Sale of Industry-Leading Payments Technology and Solutions Company Marks an Important Milestone in GTCR's Strategic Transformation in Partnership with Leaders Strategy™ CEO Charles Drucker
In July 2023, GTCR signed a definitive agreement to acquire a
GTCR partnered with industry-veteran CEO Charles Drucker to acquire a majority stake in Worldpay from FIS in July 2023 behind a thesis of re-accelerating growth, affecting a seamless transition from FIS, and investing in innovative product and modern technology. Mr. Drucker assembled a world-class management team and executed a strategic vision centered on technology investments, operational improvements, and targeted acquisitions. Under Mr. Drucker's leadership, Worldpay expanded its global processing capabilities, launched innovative payment solutions, and enhanced its fraud prevention offerings. These initiatives supported new client wins, accelerated organic growth, and strengthened Worldpay's position as a leader in the global payments ecosystem.
"Our collaboration with Charles and the team at Worldpay highlights the essence of a Leaders Strategy™ partnership—combining visionary leadership with a transformational value creation plan while managing the complexities of a corporate carve-out," said Collin Roche, GTCR Co-CEO and Managing Director. "We are proud of the transformation that we accomplished with Charles and team, reestablishing Worldpay as an innovative, customer-centric, growth-focused independent company, and look forward to staying closely involved as long-term strategic partners to the Worldpay and Global Payments combined business."
"This milestone marks a tremendous collective effort from the entire Worldpay team, and we are enthusiastic about the future with Global Payments," said Charles Drucker, CEO of Worldpay. "The progress over the past two years was made possible thanks to the invaluable partnership with GTCR. Their deep domain expertise in payments, experience in executing carveouts, and unwavering support of management growth initiatives is world-class, and I look forward to a continued partnership as we work towards a successful integration. Through this next phase of growth, we will continue to invest in our product and technology and further strengthen our e-commerce offering. On behalf of my leadership team, I want to extend our sincere thanks to GTCR for their dedication and support, FIS for their partnership and our Worldpay colleagues across the globe who have driven our transformation this past year."
"We want to thank Charles and the leadership team at Worldpay, as well as our partners at FIS for the collective efforts which led to this successful transaction," added Aaron Cohen, Managing Director and Head of Financial Services & Technology at GTCR. "Our partnership with
"Worldpay is the latest in a long history of successful payments investments for GTCR," commented KJ McConnell, Managing Director at GTCR. "Our Leaders Strategy approach works well in this dynamic, fast-growing, global industry because deep expertise and exceptional leadership are critical differentiators – Worldpay is a perfect example. We are excited to continue investing in the space and building upon our experience and executive relationships."
Wells Fargo acted as financial advisor to Worldpay. Morgan Stanley & Co. LLC acted as financial advisor to GTCR. Kirkland & Ellis LLP provided legal counsel, and Paul Hastings LLP provided regulatory legal counsel.
The sale of Worldpay is expected to close in the first half of 2026, subject to regulatory approvals and customary closing conditions. The sale of Worldpay and the sale of Global Payments' Issuer Solutions business are cross-conditioned upon one another and will close at the same time.
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
About Worldpay
Worldpay is a leading payments technology and solutions company with unique capabilities to power omni-commerce across the globe. Worldpay's processing solutions allow businesses of all sizes to take, make and manage payments in-person and online from anywhere in the world. Annually, Worldpay processes over 55 billion transactions across 174 countries and 138 currencies. For more information, please visit worldpay.com, LinkedIn, X, and/or Facebook.
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