Fidelity National Information Services, Inc. (NYSE:FIS) entered into a definitive agreement to acquire to acquire Total System Services LLC from Global Payments Inc. (NYSE:GPN) for an enterprise value of $13.5 billion on April 17, 2025. The acquisition of Total System Services LLC for a net purchase price of $12 billion (total value of $13.5 billion excluding $1.5 billion of anticipated net present value of tax assets) represents a multiple of approximately 9x expected 2025 synergized EBITDA. The divestiture of Issuer Solutions to FIS will be executed for cash and FIS? stake in Worldpay. In a related transaction, Global Payments Inc. entered into a definitive agreement to acquire Worldpay, LLC from Fidelity National Information Services, Inc. for $17 billion on April 17, 2025. The transaction is subject to customary cash, debt and working capital adjustments. FIS will fund the acquisition through a combination of $8 billion of new debt and the value from the sale of its minority stake in Worldpay. Following the closing of the transactions, the Company expects pro forma gross leverage to be approximately 3.4x, deleveraging to its target gross leverage of 2.8x within 18 months. Issuer Solutions business reported pro forma revenue of $2.5 billion and adjusted EBITDA of $1.1 billion for the period 2024.
This transaction is expected to close in the first half of 2026, subject to regulatory approvals, the closing of the Worldpay transaction, approval from The Competition and Markets Authority and other customary closing conditions. As of July 18, 2025, the HSR Waiting Period expired on July 18, 2025 at 11:59 p.m. Eastern Time. The CMA announced the launch of its merger inquiry by notice to the Parties on 28 October 2025 and has a deadline of 24 December 2025 for its phase 1 decision. As of November 4, 2025, Global Payments expect to close the divestiture of Issuer Solutions in the first quarter of 2026, subject to regulatory approvals and other customary closing conditions. As of November 19, 2025, The Competition Commission of Pakistan (CCP) approved the acquisition. As of November 27, 2025, The CMA has cleared the anticipated acquisition by Fidelity National Information Services, Inc. of Total System Services LLC.
PJT Partners Inc. served as financial advisor to FIS. Gary Boss, Charles Ruck, Leah Sauter, Kirsten Gaeta, Christian McDermott, Sam Newhouse, Tim Scott, Katharine Moir, Helen Lethaby, Christine Mainguy, Megan Alessi, Sarah Gadd, Tobias Leder, Jason Licht, Michelle Kelban, Dara Denberg, Makan Delrahim, Caitlin Fitzpatrick, Francesca Pisano, Simon Pritchard, Héctor Armengod, Jana Dammann de Chapto, Jonathan Parker, Kevin Chambers, Stephanie Teicher, Sandra Benjamin, Ruchi Gill, Stuart Davis, Barrie VanBrackle, Parag Patel, Ghaith Mahmood, Clayton Northouse, Tony Kim, Gail Crawford, Alain Traill and David Langer of Latham & Watkins with locations in the US, London, Brussels, Hamburg and Munich acted as legal advisors to FIS in both transactions. Jacob A. Kling, Annabel J. Allen, Nelson O. Fitts, Erica E. Aho, Emily D. Johnson, Joshua M. Holmes and Rachel B. Reisberg of Wachtell, Lipton, Rosen & Katz are acted as legal advisors to Global Payments. Georgeson LLC acted as information agent to Fidelity National Information and will receive a fee of $23,049, plus reimbursement of expenses. Computershare acted as transfer agent to Fidelity National Information. J.P. Morgan acted as financial advisor to Global Payments. Anna Lyle-Smythe, Alexander Chadd, Stephen Heagney and Jan Putnis of Slaughter and May acted as legal advisor to Global Payments. Citi acted as financial advisor to Fidelity National Information Services.
Fidelity National Information Services, Inc. (NYSE:FIS) completed the acquisition of Total System Services LLC from Global Payments Inc. (NYSE:GPN) on January 9, 2026.
Global Payments Inc. specializes in the design and development of payment solutions and services. The group serves merchants, e-commerce companies, financial institutions and gaming operators with integrated solutions for payment processing acceptance and payment cards transactions (credit cards, debit cards, online payment cards, prepaid cards, etc.) through all sales channels (Internet, mobile phone and retail outlets).
Net sales are distributed geographically as follows: Americas (80.3%), Europe (17.1%) and Asia/Pacific (2.6%).
This super rating is the result of a weighted average of the rankings based on the following ratings: Global Valuation (Composite), EPS Revisions (4 months), and Visibility (Composite). We recommend that you carefully review the associated descriptions.
Investor
Investor
This super composite rating is the result of a weighted average of the rankings based on the following ratings: Fundamentals (Composite), Global Valuation (Composite), EPS Revisions (1 year), and Visibility (Composite). We recommend that you carefully review the associated descriptions.
Global
Global
This composite rating is the result of an average of the rankings based on the following ratings: Fundamentals (Composite), Valuation (Composite), Financial Estimates Revisions (Composite), Consensus (Composite), and Visibility (Composite). The company must be covered by at least 4 of these 5 ratings for the calculation to be performed. We recommend that you carefully review the associated descriptions.
Quality
Quality
This composite rating is the result of an average of the rankings based on the following ratings: Capital Efficiency (Composite), Quality of Financial Reporting (Composite), and Financial Health (Composite). The company must be covered by at least 2 of these 3 ratings for the calculation to be performed. We recommend that you carefully review the associated descriptions.
ESG MSCI
ESG MSCI
The MSCI ESG score assesses a company’s environmental, social, and governance practices relative to its industry peers. Companies are rated from CCC (laggard) to AAA (leader). This rating helps investors incorporate sustainability risks and opportunities into their investment decisions.
