Global Payments shares plunge 17% after company announces $24 billion Worldpay deal

Global Payments shares tumbled 17% on Thursday after the company said it's buying Worldpay for more than $24 billion while simultaneously selling its Issuer Solutions business to Fidelity National Information Services . The company said that in acquiring Worldpay, which FIS had purchased in 2019 before later selling a majority stake, it's expanding its reach and will be able to serve over 6 million customers across more than 175 countries, enabling $3.7 trillion in annual payment volume. In selling its Issuer Solutions unit to FIS for $13.5 billion, Global Payments is divesting a unit for back-end financial processing that's long been viewed as a stable provider of growth. In the end, Global Payments is going bigger in providing payments services to merchants, while FIS is focusing on issuer processing. FIS bought Worldpay for about $35 billion in 2019 and sold most of its stake last year to GTCR. Global Payments said on Thursday that it obtained committed bridge financing and plan ... Read full article.