Thursday, June 13, 2024

Fidelity National Stock Sinks. It Will Spin Off Worldpay and Issues Guidance Miss.

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Payments giant Fidelity National Information Services said Monday it plans to spin off its merchant business, essentially undoing its $43 billion acquisition of Worldpay in 2019.

FIS (ticker: FIS) said it expects the tax-free spin-off to be completed within a year and that the two companies will maintain a commercial relationship. The move comes after the company announced a strategic review of its business and operations in December under new CEO Stephanie Ferris.

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