Fidelity National Information Services, a financial technology company that provides payment processing software to banks, is acquiring Worldpay, an eCommerce and payments solutions business, for $35.5bn. As part of the deal, FIS will inherit Worldpay’s debt – which FIS with most likely refinance – resulting in a new company valued at $43bn.

By merging with Worldpay, FIS will be able to expand its acquiring and payment offerings, especially within digital transactions. The deal will allow Worldpay, which processes 40bn transactions a year, to reach into new and more competitive markets around the world.

“Scale matters in our rapidly changing industry,” stated Gary Norcross, chairman, president and chief executive officer, FIS. “Upon closing later this year, our two powerhouse organizations will combine forces to offer a customer-driven combination of scale, global presence and the industry’s broadest range of global financial solutions.”

Norcross continued, “As a combined organization, we will bring the most modern solutions targeted at the highest growth markets. The long-term value we will create for clients and for shareholders will set the bar in our industry and will create a range of new career opportunities for our employees. I have never been more excited about the future of FIS.”

As a result of the deal, Worldpay shareholders will receive 0.9287 shares and $11.00 in cash per Worldpay share. FIS shareholders will own 53 per cent on the new company, while Worldpay shareholders will own 47 per cent.

“At Worldpay, our focus has always been on delivering more value to our clients and partners and making decisions that achieve our growth and performance objectives. Combining with FIS helps us accelerate the achievement of that, now benefitting from new scale and capabilities that will truly differentiate the company globally,” said Charles Drucker, executive chairman and chief executive officer, Worldpay.