:Private equity firm GTCR LLC on Thursday agreed to buy a 55 per cent stake in Worldpay, the merchant services business of Fidelity National Information Services, in a deal that values the unit at $18.5 billion. As part of the deal, which is the largest ever for GTCR, FIS will receive upfront proceeds of $11.
FIS built its merchant business that processes transactions for companies when it acquired Worldpay for $43 billion in 2019. But new financial technology startups ate into its market share, prompting it to consider a spin-off of the unit in February after taking a $17.6 billion write-down.
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