Hints and tips:
...Kalifa, who led London-based Worldpay for 10 years and is a director at the Bank of England, will join Brookfield as a vice-chair and head of its financial infrastructure strategy....
...Buying Worldpay was “a deal FIS had to do” we wrote, in a note in 2019. Hardly. The market value of FIS peaked at almost $100bn in 2019....
...On Thursday, FIS said it would sell a majority stake in Worldpay to private equity at a valuation of $18.5bn. Annual ebitda for Worldpay at the time of both transactions was around $1.8bn....
...Large GTCR investors will also invest directly in the Worldpay deal as co-investors....
...This article has been updated to add details on the size of Worldpay’s term loan...
...Worldpay was subsequently sold to Vantiv in 2017 before FIS acquired the combined company two years later....
...As Ron Kalifa, who ran Worldpay after it was hived off from Royal Bank of Scotland, notes: “It takes an awful lot of engineering to connect every customer with every retailer in the world in the way Visa...
...Shares in Jacksonville, Florida-based FIS have declined by about 45 per cent since it completed its acquisition of Worldpay in July 2019 from Vantiv....
...The two separate groups — FIS and Worldpay — will have new leadership. Charles Drucker, who is highly regarded in the industry, is coming back to lead Worldpay, having left when it was sold to FIS....
...Just spinning off Worldpay will not fix the group’s problem....
...FIS employed a similar strategy in July, selling a majority stake in Worldpay to US buyout firm GTCR while keeping a 45 per cent stake in the business valued at $18.5bn....
.... . . it is expected that FIS and Worldpay will maintain a close commercial partnership to deliver critical capabilities . . . we did realise a lot of cost synergies bringing [Worldpay] in....
...The FIS mess, part 2 The story of FIS-Worldpay, a $43bn deal that is being reversed after just four years, is important....
...The decision to spin-off Worldpay and cut bait has been a long time coming....
...Over the past decade, private equity has been instrumental in consolidating that industry; Worldpay and Nexi serve as two good examples....
...Dealmaker Bruce Rauner, who would later become the governor of Illinois, and Bryan Cressey became part of its leadership, forming Golder, Thoma, Cressey, Rauner Inc before Thoma and Cressey split away in...
...Unlike its rival, which last month announced plans to spin off Worldpay, the payments business it bought for $43bn just four years ago, Fiserv has successfully integrated its big ticket purchase....
...The CMA’s provisional findings follow a 2021 decision by the European Commission, which found seven banks — Bank of America, Natixis, Nomura, RBS (now NatWest), UBS, UniCredit and WestLB (now Portigon) —...
...BNPL accounted for 2.1 per cent — or about $97bn — of global ecommerce transactions in 2020, according to Worldpay, the payments group. This figure is expected to double to 4.2 per cent by 2024....
...It was Barclays’ Russian subsidiary until its current owner, Igor Kim, bought it from the UK lender in 2011, then acquired banks from RBS in 2015 and Turkey’s Yapı Kredi in 2017....
...Worldpay sees usage doubling, from 2.1 per cent of online payments last year to 4.2 per cent by 2024. Ecommerce group Zalando has even launched its own try first, pay later service....
...EU regulators forced RBS to sell its payments business, which was renamed Worldpay, as a condition of its taxpayer bailout of almost £50bn during the financial crisis....
...In 2012, Japan’s second-largest lender bought the aviation finance business of RBS for $7.3bn....
...Rhode Island-based Citizens was spun out of Britain’s RBS in 2015. RBS bought the bank in 1988, near the start of a global expansion that ended in huge losses and a bailout by the UK government....
...To expand beyond its core market of small businesses, Stripe has to beat back competition not only from more traditional payments companies such as Global Payments, Worldpay and Fiserv but also other next-generation...
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