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US financial technology group Fidelity National Information Services (FIS) has agreed to sell a majority stake in its merchant payments arm Worldpay to private equity firm GTCR for up to $18.5bn in one of the largest corporate carve-outs in history.
The deal will in effect unwind FIS’s $30bn-plus acquisition of Worldpay in 2019 and marks a shift in strategy after it told investors in February it planned to spin off the unit to stockholders.
The Financial Times reported last week that FIS was in talks with GTCR and Advent International to sell a majority stake in Worldpay.
FIS will receive $11.7bn in cash and a 45 per cent ownership in Worldpay and plans to use the cash to pay down debt and fund share buybacks, the Florida-based company said on Thursday.