Global Payments (GPN) said Thursday that it will acquire Worldpay from GTCR and FIS (FIS) for $24.25 billion of cash and stock, and sell its Issuer Solutions business to FIS at an enterprise value of $13.5 billion.

GTCR, which held a majority stake in Worldpay, will receive shares in Global Payments at $97 a share, or 15% of the company, Global Payments said.

The agreement simplifies Global Payments' focus to merchant solutions while also expanding FIS's credit processing capabilities, FIS said.

FIS said it expects the deal to enhance free cash flow by over $500 million in the first year and unlock more than $150 million in EBITDA synergies by the third year.

Global Payments said it expects $600 million in cost savings and $200 million in new revenue from the transaction.

The companies said they expect to finalize the transactions by mid-2026, pending regulatory approvals.