Global Payments agreed to buy Worldpay for $24.25 billion from GTCR (a private equity firm with a long history of investing in fintech) and Fidelity National Information Services, or FIS, in what is easily the biggest, and most complicated, payments transaction this year. The deal is a major exit for GTCR, which is selling Worldpay after a roughly one-year hold. It also represents a big win for FIS CEO Stephanie Ferris, who is widely regarded as the most powerful woman in fintech.

The specifics are quite complicated, involving three companies exchanging assets. The deal calls for Global Payments to sell its Issuer Solutions business, which is the former TSYS business, to FIS for $13.5 billion. In exchange, Global Payments is buying Worldpay from GTCR and FIS. The transactions are expected to close during the first half of 2026 subject to regulatory approval.

News of the sale caused shares of FIS to soar more than 6% Thursday, while Global Payments saw its stock drop over 17%.

“Today marks a defining day for Global Payments and a pivotal milestone in our journey to become the worldwide partner of choice for commerce solutions,” said Cameron Bready, CEO of Global Payments, in a statement.

FIS is one of the world’s largest financial services companies with a $38 billion market capitalization. FIS will receive $6.6 billion for its 45% stake in Worldpay.

Global Payments, a leading merchant acquirer, said the sale of the TSYS business and its purchase of Worldpay would occur simultaneously. In exchange for TSYS, Global Payments will receive cash and FIS’s stake in Worldpay. Global Payments will then buy GTCR’s 55% stake in Worldpay for a mix of cash and stock. Once the deals close, GTCR will have 15% of Global Payments’ outstanding shares. (A bit of history: Global Payments acquired TSYS in 2019 for $21.5 billion.)

The sale comes roughly a year since GTCR closed its buy of 55% of Worldpay in February 2024. FIS retained 45%. That deal valued Worldpay at $18.5 billion. Right now, GTCR is doubling its money on the Worldpay sale, but expects to do better as its Global Payments (GPN) stock appreciates, a person familiar with the matter said. 

The transaction is seen as a major win for Ferris, who became CEO of FIS in January 2023.

The sale of Worldpay is a “home run” for Ferris and FIS, said Dan Dolev, a senior analyst in fintech equity research at Mizuho Securities USA. “It’s a masterstroke of dealmaking. [Ferris is] the art of the deal. It’s not Trump, it’s Stephanie. She should negotiate with China,” Dolev said.

This story was originally featured on Fortune.com