Global Payments (GPN) will buy payments technology company Worldpay for $24.25 billion and sell its issuer solutions business to Fidelity National Information Services (FIS) in deals that are cross-conditioned upon each other.

Worldpay is being bought from private equity firm GTCR and Fidelity National Information Services for a net purchase price of $22.7 billion after incorporating $1.55 billion of future tax assets, Global Payments said Thursday.

"The acquisition of Worldpay and divestiture of issuer solutions further sharpen our strategic focus and simplify Global Payments as a pure play merchant solutions business with significantly expanded capabilities, extensive scale, greater market access and an enhanced financial profile," Global Payments Chief Executive Cameron Bready said in a statement.

Financial technology company Fidelity National Information Services said in a separate statement that it will buy Global Payments' issuer solutions for an enterprise value of $13.5 billion, or a net purchase price of $12 billion.

The acquisition is expected to generate more than $125 million in revenue synergies over the long term and be accretive to adjusted per-share earnings in the first 12 months, Fidelity National Information Services said. Issuer solutions processes more than 40 billion transactions annually.

"The acquisition of issuer solutions is a strategic and accretive transaction that will expand FIS' payment product suite and deepen our relationships with financial institutions and corporate clients," Fidelity National Information CEO Stephanie Ferris said.

The closing of both transactions is dependent upon one another, with companies expecting to complete the deals in the first half of 2026, subject to regulatory approvals. Shares of Global Payments slumped 16% in late Thursday afternoon trade, while Fidelity National Information Services' shares jumped 9%.

GTCR, which has a 55% shareholding in Worldpay, said that it will receive 59% cash and 41% stock consideration, owning a 15% stake in Global Payments upon closing. Global Payments said GTCR will get shares at $97 apiece. Fidelity National Information Services said the sale of 45% of Worldpay will fetch it $6.6 billion.

Global Payments said it expects first-quarter results to be in line with the outlook it issued in February. The company anticipates reporting adjusted earnings per share of $2.69 and adjusted net revenue of $2.21 billion when it releases its first-quarter report on May 6.

Fidelity National Information Services expects to report first-quarter revenue of $2.5 billion and adjusted EPS of $1.21.

Both Global Payments and Fidelity National Information affirmed their full-year 2025 guidance.