US fintech firm Global Payments to acquire rival in $24b deal

US multinational fintech company Global Payments announced its plan to acquire rival, Worldpay, for over US$24 billion.

It will also sell its Issuer Solutions business to Fidelity National Information Services (FIS) for US$13.5 billion.

The acquisition will allow Global Payments to serve 6 million customers in 175 countries and process US$3.7 trillion in annual payment volume.

The sale signals a shift towards merchant payment services, as the Issuer Solutions unit has been recognized for its stable growth in financial processing.

FIS, which purchased Worldpay for US$35 billion in 2019, will now focus on issuer processing after this transaction.

Global Payments plans to issue US$7.7 billion in debt to replace bridge financing and refinance Worldpay’s debt.