FIS announced it has completed its acquisition of Global Payments’ Issuer Solutions business, formerly known as TSYS, in a transaction valued at $13.5 billion in enterprise value. The company said the deal carries a net purchase price of $12 billion, including $1.5 billion of net present value from tax assets.
At the same time, FIS completed the sale of its remaining 45% minority interest in Worldpay to Global Payments, ending its ownership position in the merchant acquiring business and converting that stake into what it described as a higher-quality stream of recurring revenue and cash flows tied to the newly acquired issuing portfolio.
FIS said the acquired assets will be marketed under the FIS Total Issuing Solutions brand and will bolster its Banking and Payments business with a broader suite spanning credit processing, fraud and loyalty. The company described the issuing portfolio as the world’s largest issuing business, with a presence in more than 75 countries, processing more than 40 billion transactions annually, and maintaining commercial partnerships with more than 150 financial institutions and corporates.
The company also positioned the combination as a foundation for AI-driven product development, citing the scale and breadth of card portfolio data it will now process across consumer and commercial segments. FIS said this expanded dataset can support training and deployment of AI models and referenced the launch of a new AI offering it highlighted in a separate announcement.
From a financial standpoint, FIS said the transaction is expected to generate an additional $500 million in incremental adjusted free cash flow in 2026 and $700 million by 2028, alongside anticipated revenue and cost synergies. The company also said the addition expands its addressable market in issuing, pointing to a $28 billion global issuer market opportunity.
KEY QUOTE:
“We are pleased to have closed this strategic acquisition ahead of schedule, enabling us to start 2026 in a strong position to deliver greater value to our financial institution and corporate clients.”
Stephanie Ferris, Chief Executive Officer and President, FIS
