Updated: 3:21 p.m.
Fidelity National Information Services (FIS) has bought payment company Worldpay Inc. for approximately $34 billion in cash and stock, the biggest such deal in the international payments sector, according to Bloomberg.
Worldpay is an international company with a U.S.- based headquarters in Symmes Township, after Worldpay acquired Cincinnati-based Vantiv Inc. in 2017. The acquisition enabled Worldpay to compete with companies like Chase Paymentech and First Data to handle about $1 trillion cashless payments annually, Bloomberg reports. The focus of Jacksonville, Fla.-based FIS is on the software behind payments for retail and banking. Once completed, the deal will make the the combined company the biggest in the processing and payments industry.
"Organizations of all types and sizes are looking for new ways to create more meaningful and frictionless experiences and grow their share of wallet through digital channels," the companies said in a joint release. "The combination of FIS and Worldpay, two companies that are leading their respective markets in modernization investments, provides clients of both organizations access to a wider portfolio of digital assets to accelerate their revenue growth, streamline their operations and create a better engagement with their customers."
Monday afternoon, Worldpay spokesman Adam Kiefaber told WVXU that the newly formed company expects "Cincinnati will continue to be a strategic location for the combined company."