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A Defining Shift in Payments: Global Payments Acquires Worldpay, Divests Issuer Solutions

  • Writer: Andrea Llamas
    Andrea Llamas
  • May 5
  • 3 min read

COMPAYTENCE BRIEFING | APRIL 2025


The Strategic Shakeup

Global Payments has announced a $24.25 billion acquisition of Worldpay, reclaiming the payments business that was previously sold to FIS in 2019. In a connected transaction, it is selling its Issuer Solutions division to FIS for $13.5 billion.

This dual move isn’t just about consolidation—it’s a strategic reorientation. Global Payments is exiting issuer services and going all-in on merchant-focused payments and software. FIS, in turn, strengthens its position in issuer processing while reducing exposure to direct merchant services.

The result: two companies sharpening their strategic identities—Global Payments as a merchant-first payments leader, FIS as a banking and issuer processing heavyweight.



What This Means for the Industry

1. Global Payments Becomes a Pure-Play Merchant Payments Powerhouse

With Worldpay’s capabilities reintegrated, Global Payments becomes a more focused and competitive merchant services company. It gains a significant global footprint, stronger ecommerce tools, and deeper embedded payment capabilities—positioning it to compete with Stripe, Adyen, PayPal, and Fiserv.


2. FIS Doubles Down on Banking and Issuer Services

By reacquiring Issuer Solutions, FIS is refocusing on its core strength: powering the back-end infrastructure for banks and card issuers. This deal brings back an asset that has long been a reliable engine for growth and recurring revenue.


3. Private Equity Exit for GTCR

Private equity firm GTCR exits Worldpay with equity in Global Payments, representing around 15% of shares on a pro forma basis. This marks a swift and profitable turnaround for GTCR, which acquired a majority stake in Worldpay from FIS just last year.



4. Wall Street Reaction

Shares of Global Payments fell 17% after the announcement. Analysts at Mizuho called the move a “strategic step backward,” citing concerns about margins and questioning whether the combination offers differentiated value. FIS shares, meanwhile, rose 8%.

While investor reaction is mixed, Global Payments is making a clear bet: that scale, specialization, and global reach will drive long-term growth.


By the Numbers: A New Payments Giant

Metric

Combined Global Payments + Worldpay

Customers

6 million+ globally

Transactions

94 billion annually

Payments Volume

$3.7 trillion

Adjusted 2025 Revenue

$12.5 billion

Adjusted 2025 EBITDA

$6.5 billion

Cost Synergies

$600 million (run-rate)

Revenue Synergies

$200 million+ (expected)

EPS Impact

Accretive in Year 1

Transaction Close

First Half of 2026 (expected)


Strategic Implications

For Global Payments:

  • Gains enhanced ecommerce and enterprise capabilities via Worldpay

  • Expands offerings for SMBs through POS and integrated payment tools

  • Strengthens position in high-growth verticals and geographies

  • Simplifies its model by focusing solely on merchant services



For FIS:

  • Rebuilds a strong issuer-focused franchise

  • Enhances relationships with banks and card networks

  • Retains a strategic commercial relationship with Global Payments post-divestiture


Looking Ahead

This deal represents more than financial engineering. It’s a signal that the payments industry is maturing—and fragmenting—into more clearly defined roles: platform enablers, banking infrastructure, embedded software providers.

Global Payments is choosing focus over diversification. Whether this leads to meaningful innovation and differentiation—or simply scale without agility—remains to be seen. But in an era where embedded finance and global ecommerce are accelerating, the company is making a calculated bet on where value creation will come from next.



The Compaytence View

This move is consistent with a broader trend we’re seeing: payments companies are seeking specialization, not breadth. Pure-plays are finding stronger investor narratives than conglomerates. Global Payments is now positioned to compete more directly with Stripe, Adyen, and Shopify by offering a robust, scalable, and global merchant tech stack.

FIS, meanwhile, reinforces its standing as a foundational banking infrastructure provider. Both companies are leaning into what they do best.

It’s not a revolution—but it may mark the beginning of a new competitive era in global payments.


 
 
 

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