Worldpay is a provider of payment processing solutions with $2 trillion in payments volume in 2022.

Under the deal, GTCR has committed an additional equity capital investment of up to $1.25 billion in Worldpay to pursue inorganic growth opportunities. 

The latest development marks Fidelity National's acceleration of its previously announced separation plan to create two highly focused global companies with greater strategic flexibility. 

FIS will receive upfront net proceeds of approximately $11.7 billion while retaining a non-controlling 45% ownership interest in a new standalone joint venture.

"This transaction allows FIS to partially monetize our Merchant Solutions business at an attractive valuation and provides certainty for all stakeholders," said FIS CEO and President Stephanie Ferris.

The transaction will close by Q1 2024, subject to regulatory approvals.

Upon closing the transaction, Charles Drucker will serve as CEO of Worldpay.

Price Action: FIS shares are trading higher by 1.52% to $60.71 in the premarket session on the last check Thursday.