Worldpay shares surged in pre-market trading on news of the deal, which will see investors receiving 0.9287 in Fidelity stock, as well as $11 in cash, for a total valuation of $112.12 each. That's a 13.62% premium to Friday's close levels and a price that, along with outstanding debt, puts the enterprise value of the deal at around $43 billion. Fidelity National would own around 57% of the combined group, the companies said, with the remaining 43% held by Worldpay, which was once a holding of the U.K. government-controlled lender Royal Bank of Scotland Plc (RBS) .
"Scale matters in our rapidly changing industry," said Fidelity National CEO Gary Norcross. "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."
"As a combined organization, we will bring the most modern solutions targeted at the highest growth markets," he added. "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."
Worldpay's U.S.-listed shares were marked 10.88% higher in pre-market trading Monday following news of the merger, indicating an opening bell price of $109.42 each, a move that would extend the stock's year-to-date gain to around 44.4%.
Fidelity National shares closed at $108.88 each in New York trading Friday and have gained just over 7.3% this year.