Fidelity National agrees to buy Worldpay for $35 billion

Fidelity National Information Services has agreed to buy payments processor Worldpay for approximately $35 billion (not including debt) in cash and stock, or $112.12 per share, a 14% premium over Friday's closing price.

Why it matters: It's a reminder that legacy payments companies won't go down without a consolidation fight.

History: Worldpay was acquired just 19 months ago by Cincinnati-based Vantiv, which beat out JPMorgan, for just under $10 billion (combined co value at the time was around $22 billion).

• The bottom line: "You'd think more competition would drive valuations down, but no, they’re all going up. Literally no one is being disrupted," said Axios' Felix Salmon.