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The deal would be the largest in GTCR's history and enable FIS to undo its soured $43b acquisition of Worldpay in 2019. Worldpay comprises the bulk of the FIS merchant business, which processes payments for companies.
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Such a large leveraged buyout would be a bright spot as expensive and scarcer debt financing and economic uncertainty weigh on dealmaking. Private equity-led buyouts in the first half of 2023 totaled $196.7 billion, down 59% from the year-ago period, Dealogic data shows.
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