July 6 (Reuters) - Fidelity National Information Services (FIS.N) is selling a majority stake in its merchant business to private equity firm GTCR, the payments processor said on Thursday, in a deal that will fetch $11.7 billion.
The company built its merchant business through a $43-billion purchase of Worldpay in 2019.
As part of the deal, the private equity has committed an additional investment of up to $1.25 billion in Worldpay.
Reuters had earlier this week reported that GTCR was in advanced talks for a majority stake in the merchant business.
Charles Drucker, former CEO of Worldpay, will lead the merchant business after the spinoff, FIS said.
Persons:
GTCR, Charles Drucker, Niket Nishant, Manya, Arun Koyyur
Organizations:
Fidelity National Information Services, FIS, GTCR, Reuters, Manya Saini, Thomson
Locations:
Worldpay, Bengaluru