UK CMA launches investigation into FIS, Total System Services merger
The UK Competition & Markets Authority on Friday said it has launched an investigation into the proposed acquisition of Total System Services LLC by Fidelity National Information Services Inc.
Both are financial technology firms that offer payment processing services. FIS is based in Jacksonville, Florida, and TSS in Columbus, Georgia.
Back in 2019, TSS became a subsidiary of Global Payments Inc, and FIS acquired a 45% stake in Worldpay Inc, which is jointly owned with private equity firm GTCR. In May, Global Payments said it has agreed to sell its Issuer Solutions business to FIS for $13.5 billion, and to buy Worldpay for a net purchase price of $22.7 billion.
In August, the UK’s market watchdog said it was considering an investigation into the possible combination of FIS and TSS, given their already-enlarged status, and potential to diminish competition in the UK market.
The regulator invited comments until August 20, and on Friday, officially launched a merger inquiry.
The CMA noted a deadline of November 14 for its phase one decision.
FIS shares were up 0.9% at $66.80 during pre-market dealings in New York on Friday.
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