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PE firms circling FIS unit Worldpay

Illustration: Shoshana Gordon/Axios

Private equity firms are weighing offers for Worldpay, a merchant payments provider owned by Fidelity National Information Services (FIS), per multiple reports.

Why it matters: It's a blow to FIS, which took a $17.6 billion write-down on Worldpay earlier this year after acquiring it in 2019 for about $43 billion.

Details: PE firm GTCR has been widely reported as the most likely buyer and could end up shelling out between $15 billion and $20 billion, per Bloomberg and Reuters.

  • Advent International, another PE firm, was also mentioned as a possible bidder.

Catch up fast: FIS announced plans to spin off Worldpay in February.

  • The move was the result of a strategic review, which was pushed by activist investor DE Shaw last year, per reports.

The intrigue: Large Wall Street lenders have discussed providing financing for the deal, per the FT, which would herald a change in atmosphere when it comes to funding big buyouts.

The bottom line: If a deal gets done, it "would be one of the largest carve-outs ever," per the Financial Times, which was the first to report the latest update on the process.

FIS and GTCR did not immediately respond to requests for comment. Advent declined to comment.

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