FIS plans to pursue a tax-free spin-off of its merchant business, which processes payments for companies, the sources said. Much of FIS's merchant business consists of Worldpay, which it bought for $43b in 2019. The spin-off will take many months to be completed, and FIS will also entertain any acquisition offers for the unit during this period.
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Payments giant FIS prepares to break up-sources
Merchant solutions makes up about 30% of the company's revenue, while its banking solutions arm constitutes about 46%, and capital market solutions the remainder.
