FIS up on plans to sell majority stake in merchant business to GTCR

Toshiba

06/07/2023 13:26

** Shares of payments processor Fidelity National
Information Services  FIS.N  up 2.69% at $61.41 premarket 
    ** FIS says it is selling a majority stake in its merchant
solutions unit, Worldpay, to private equity firm GTCR 
    ** The deal values the merchants solutions unit at $18.5 bln
    ** FIS says it will retain 45% ownership in Worldpay 
    ** Co will use proceeds of $11.7 bln to pay down debt and
return additional capital to shareholders
    ** FIS acquired Worldpay for $43 bln in 2019; In Feb, FIS
took a 17.6 bln write-down on the business when it unveiled
plans to spin it off 
    ** Seventeen of 31 brokerages rate the stock "buy" or
higher, and 14 "hold"; their median PT is $70 - Refinitiv
    ** As of last close, FIS has fallen 11.86% YTD

 (Reporting by Pritam Biswas in Bengaluru)
 ((Pritam.Biswas@thomsonreuters.com))