Payments giant FIS prepares to break up
Reuters broke the news that banking and payments conglomerate Fidelity National Information Services, Inc. is preparing to break up, undoing a $43 billion acquisition it completed four years ago. Sources said FIS plans to pursue a tax-free spin-off of its merchant business, which processes payments for companies. FIS shares have lost more than half their value since 2019, as it fights to stay competitive with old and new financial technology players promising better and cheaper services.
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