FIS sells stake, simplifies ops, boosts balance sheet with Worldpay.

Global fintech firm, FIS, has sold a majority stake in paytech solution provider Worldpay in order to simplify its operations and boost its balance sheet. FIS will retain a 45% non-controlling equity stake in Worldpay, while private equity firm GTCR will control the remaining 55%. FIS and Worldpay have entered into commercial agreements that will allow both companies to retain access to each other’s clients. FIS received net cash proceeds of over $12 billion from the sale, which it plans to use to pay down debt and repurchase shares. Worldpay will now operate as an independent company with Charles Drucker resuming his role as CEO and working to optimize performance and accelerate growth.