GTCR to Acquire Majority Stake in Worldpay
- GTCR's acquisition of a majority stake in Worldpay valued at $18.5 billion
- Charles Drucker, former CEO of Worldpay, to become CEO of standalone Worldpay business
- GTCR to invest up to $1.25 billion in Worldpay for inorganic growth opportunities
- Worldpay processes over $2 trillion of transaction volume per year
- GTCR aims to accelerate growth through innovation and strategic acquisitions
- None.
Firm partners with FIS and former Worldpay CEO Charles Drucker to acquire leading global provider of payments technology and solutions
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
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
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
GTCR Contacts
Investor Relations
Jodi Rubenstein
312.382.2202
jodi.rubenstein@gtcr.com
Media Relations
Andrew Johnson
212.835.7042
andrew.johnson@gtcr.com
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SOURCE GTCR
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