FIS - FIS to spin off Merchant Solutions business

• FIS ( NYSE: FIS ) announced on Monday a planned spin-off of its Merchant Solutions business.
• The transaction, expected to complete within the next 12 months, will strengthen FIS's strategic and operational focus, helping it to capitalize on growth opportunities and unlock shareholder value.
• Upon completion of the proposed spin-off, the Merchant Solutions business will operate as Worldpay. The business generated $4.8B of revenue and $2.3B of adj. EBITDA in 2022.
• Former Worldpay CEO Charles Drucker has been named as strategic advisor to aid with separation and ongoing business review. Drucker will become CEO of Merchant Solutions business after spin-off.
• The remainder of the Worldpay board of directors, management team, and headquarters will be announced at a later date.
• The parties will continue to maintain a commercial relationship to deliver critical capabilities like embedded finance and loyalty through premium payback, with customary commercial agreements in place to ensure continuity for clients.
• In other news, FIS reported its Q4 results today

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