Mar 18, 2019

Fidelity National agrees to buy Worldpay for $35 billion

Dan Primack

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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Coronavirus dashboard

Illustration: Aïda Amer/Axios

  1. Global: Total confirmed cases as of 2:30 p.m. ET: 1,506,936 — Total deaths: 90,057 — Total recoveries: 340,112 — Map.
  2. U.S.: Total confirmed cases as of 2:30 p.m. ET: 432,596 — Total deaths: 14,831 — Total recoveries: 24,235 — Map.
  3. Federal government latest: President Trump is preparing to launch a second coronavirus task force focused on reviving the U.S. economy.
  4. Public health latest: U.S. has expelled thousands of migrants under coronavirus public health order — Dr. Anthony Fauci said social distancing could reduce the U.S. death toll to 60,000.
  5. Business latest: The Fed will lend up to $2.3 trillion for businesses, state and city governments — Another 6.6 million jobless claims were filed last week.
  6. World update: Boris Johnson is moved out of ICU but remains in hospital with coronavirus
  7. 🎧 Podcast: Your hydroxychloroquine questions answered.
  8. What should I do? Pets, moving and personal health — Answers about the virus from Axios experts — What to know about social distancing — Q&A: Minimizing your coronavirus risk.
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Axios

Boris Johnson moved out of ICU but remains in hospital with coronavirus

Johnson last December. Photo: Kate Green/Anadolu Agency via Getty Images

U.K. Prime Minister Boris Johnson has been moved out of intensive care but is continuing to be monitored at St. Thomas' Hospital in London, according to a Downing Street spokesperson.

Why it matters: It's a sign of improvement after Johnson spent three nights in intensive care for coronavirus. Foreign Secretary Dominic Raab remains in charge of the government.

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A pause button for debts

Illustration: Aïda Amer/Axios

Governments have forcibly put much of the U.S. and the global economy on pause in recent weeks, for very good reason. Factories, offices, sporting arenas, restaurants, airports and myriad other institutions have closed down. But one thing hasn't been paused: monthly debt-service obligations.

The big picture: The less movement and activity there is in an economy, the more the coronavirus curve is flattened. But the obligations in bond and loan contracts can't be paused. That's worrying CEOs who fear a wave of business failures if economic activity doesn't pick up next month.

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