Worldpay governance keeps schtum on FIS merger prospects

Charles Drucker – 

Filing a market update, the governance of London and New York-listed Worldpay Inc has confirmed that its ‘definitive merger agreement’ with US financial services firm Fidelity National (FIS) will not be discussed at the firm’s upcoming ‘annual shareholder meeting’ scheduled for 16 May.

Publishing the meeting’s official agenda, Charles Drucker Worldpay Executive Chairman & CEO has confirmed that the FIS deal agreement stands at ‘$11 per Worldpay share – transaction value $43 billion’.

Leading Worldpay governance, Drucker underlines that shareholders will not be presented with a FIS-Worldpay merger prospectus, and that the meeting will not discuss merger voting rights.

“The business to be conducted at the 2019 Annual Meeting does not relate to this merger. A separate meeting of the Worldpay stockholders will be held to vote on the Merger and merger related matters and a separate proxy statement will be provided to Worldpay stockholders in connection therewith” Drucker details in the corporate filing.

On 17 March, Worldpay governance confirmed that it had accepted FIS $43 billion takeover bid, in what will likely be the biggest corporate acquisition of 2019.

In its bid statement, FIS Chief Executive Gary Norcross outlined that the Worldpay acquisition would help FIS diversify its business entering the global payments sector as the market leader, whilst dominating all core components of the financial services value chain.

The deal, expected to close in the second half of 2019, will become biggest takeover to date in the payments industry and based on 2018 figures the merge will generate $12.3 billion of combined revenues – with the enlarged FSI enterprise expected to achieve $500 million a year in savings.