U.S. fintech group FIS is buying processor Worldpay for 20 times forward EBITDA. While there’s logic to rolling up companies with fixed costs and sticky clients, the price is punchy, says LiamWardProud:
Fidelity National Information Services on March 18 agreed to buy Worldpay in a cash-and-share deal valuing the payments processor’s equity at $35 billion.
Worldpay shareholders will receive 0.9287 FIS shares and $11 in cash for each share. The deal implies an enterprise value of $43 billion, or 19.8 times the EBITDA analysts expect Worldpay to generate in 2019. FIS said it expected $400 million of annual cost savings in three years and $500 million of revenue synergies.
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FIS buying Worldpay in $43 billion cash-and-stock dealFinancial services technology group FIS said Monday that it will buy e-commerce and payments group Worldpay Inc. in a cash and stock deal that values the latter at $43 billion. Under terms of the deal, which includes the assumption of debt, Worldpay shareholders will receive 0.9287 FIS shares and $11 in cash per share. At the deal's closing, FIS shareholders will own 53% of the combined company and Worldpay shareholders will own 47%. The new company will have around $12.3 billion pro forma 2018 annual revenue, and FIS' organic revenue growth outlook will accelerate to a range of 6% to 9% through 2021. The company expects $500 million of revenue synergies, $400 million of run-rate expense synergies, which refers to the full-year impact of an event that has occurred for a portion of the year, and nearly $4.5 billion of free cash flow in three years.
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