FIS finalizes acquisition of Worldpay
Charles Drucker, former executive chairman and chief executive officer at Worldpay, is joining the FIS Board of Directors as vice chairman.
FIS (NYSE:FIS) has announced the closing of its acquisition of payments technology company Worldpay, Inc. The combined company is estimated to have over $12 billion in pro forma revenue and more than 55,000 employees.
Several former Worldpay executives will assume key leadership roles at FIS. Mark Heimbouch, former president and chief operating officer at Worldpay, is joining FIS as president of the company’s Merchant Solutions division. Stephanie Ferris, former chief financial officer at Worldpay, is joining FIS as its enterprise-wide chief operating officer. Charles Drucker, former executive chairman and chief executive officer at Worldpay, is joining the FIS board of directors as vice chairman. Key leaders from Worldpay will also remain with the company.
Let’s recall that, at meetings held on July 24, 2019, the shareholders of Worldpay and FIS voted in favor of the proposed business combination.
In March this year, FIS, Worldpay and Wrangler Merger Sub, Inc., a wholly-owned subsidiary of FIS, entered into the merger agreement, pursuant to which FIS has agreed to acquire Worldpay. At the effective time of the merger, each share of Class A common stock, par value $0.00001 per share, of Worldpay, will be converted into the right to receive (i) 0.9287 shares of common stock, par value $0.01 per share, of FIS, together with cash in lieu of fractional shares, if any, and (ii) $11.00 in cash.
“This is an exciting day for FIS and Worldpay, and for the industry as a whole,” said FIS Chairman, President and CEO Gary Norcross. “This transformative combination significantly enhances the scale, portfolio and global footprint of FIS to help our clients capitalize on growth opportunities at a time of rapid marketplace change.
