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.

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Europe faces "stronger and deadlier" coronavirus wave

Paris under curfew. Photo: Kiran Ridley/Getty Images

The coronavirus is still winning: Now even Germany is entering another national lockdown, joined by France.

Why it matters: France has been "overpowered by a second wave,” President Emmanuel Macron said in a nationally televised address today. Macron said the "new wave will be stronger and deadlier" than the first.

Stocks close down more than 3%

Photo: Alexi Rosenfeld via Getty Images

Stocks took a hit on Wednesday, with the S&P 500, Dow Jones Industrials Average and Nasdaq dropping more than 3% across the board.

Why it matters: The volatility is a break from the stock market grinding higher in the face of spiking coronavirus cases, a stalling economy and gridlocked negotiations over an additional stimulus package.