FIS to sell stake in merchant business to GTCR in $18.5bn deal
Business
The deal is the largest in GTCR's history
(Reuters) - Fidelity National Information Services (FIS.N) said on Thursday it was selling a majority stake in its Worldpay merchant solutions unit to private equity firm GTCR in a deal that values the unit at $18.5 billion.
The deal is the largest in GTCR's history and enables FIS to undo its soured $43-billion acquisition of Worldpay in 2019.
FIS's breakup would leave it with a core processing systems business, enabling transactions among banks and other financial institutions, as well as it's capital markets unit that serves investment firms.
Reuters had earlier this week reported that the private equity firm was in advanced talks for a majority stake in the merchant business.
