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FIS shares slip after fintech group unveils planned Worldpay spin-off

February 13, 2023

Financial technology firm FIS (NYSE:FIS) has announced that it will spin off its merchant solutions unit, undoing a multi-billion dollar purchase it made just four years ago, in a bid to enhance growth and returns for shareholders.

In a statement on Monday, the U.S.-based FIS said the tax-free carving-out of the division, which includes the payments processor Worldpay that it bought for $43 billion in 2019, is anticipated to be completed within the next twelve months. The transaction will improve both companies’ performance, strengthen client services and simplify operational management, FIS argued.