FIS sells 55% stake in Worldpay to GTCR at $18.5B valuation; retains 45% ownership

Fidelity National Information Services, Inc.

FIS sells 55% equity interest in Merchant Solutions (Worldpay) to GTCR; valuation $18.5B including $1B contingent consideration.
FIS receives upfront net proceeds ~$11.7B; plans to reduce debt to ~$10B and repurchase ~$2.5B in shares.
FIS retains 45% non-controlling stake; Charles Drucker to become CEO of Worldpay upon close expected by Q1 2024.
Valuation equates to 9.8x expected FY2023 adjusted EBITDA, premium to FIS's ~8x multiple.
GTCR commits up to $1.25B additional growth capital for Worldpay.

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