Fintech company FIS® (NYSE:FIS) today announced it has entered into a definitive agreement to acquire 100% of Global Payments’ (NYSE:GPN) Issuer Solutions business for an enterprise value of $13.5 billion, or a net purchase price of $12 billion including $1.5 billion of anticipated net present value of tax assets.

Concurrently, FIS has entered into a definitive agreement to sell its stake in Worldpay to Global Payments for $6.6 billion in pre-tax value. This transaction accelerates the monetization of the Company’s minority stake in Worldpay.

Issuer Solutions is a global market leader in credit processing, with a client presence in over 75 countries. The business processes more than 40 billion transactions annually and maintains strong partnerships with over 170 financial institutions and corporates.

“The acquisition of Issuer Solutions is a strategic and accretive transaction that will expand FIS’ payment product suite and deepen our relationships with financial institutions and corporate clients,” said Stephanie Ferris, Chief Executive Officer and President of FIS.

“Issuer Solutions’ globally scaled credit processing capabilities are highly complementary to FIS’ established debit processing capabilities, strengthening our broader banking and capital markets offering.

We are pleased to fully monetize our Worldpay stake at an attractive valuation. The transaction enhances FIS’ financial profile and replaces our non-cash generating minority stake in Worldpay with a growing stream of recurring high-margin revenues and cash flows.”

The acquisition of Issuer Solutions for a net purchase price of $12 billion (total value of $13.5 billion excluding $1.5 billion of anticipated net present value of tax assets) represents a multiple of approximately 9x expected 2025 synergized EBITDA.

FIS will fund the acquisition through a combination of $8 billion of new debt and the value from the sale of its minority stake in Worldpay. Following the closing of the transactions, the Company expects pro forma gross leverage to be approximately 3.4x, deleveraging to its target gross leverage of 2.8x within 18 months.

This transaction is expected to close in the first half of 2026, subject to regulatory approvals, the closing of the Worldpay transaction, and other customary closing conditions.

The sale of 45% of Worldpay for $6.6 billion represents a multiple of approximately 10.5x expected 2025 EBITDA, a premium to the 9.8x valuation of FIS’ February 2024 sale of its 55% stake in Worldpay.

This transaction is expected to close in the first half of 2026, subject to regulatory approvals, the closing of the Issuer Solutions transaction, and other customary closing conditions.