Fidelity National Stock Sinks. It Will Spin Off Worldpay and Issues Guidance Miss.

Payments giant


Fidelity National Information Services


said Monday it plans to spin off its merchant business, essentially undoing its $43 billion acquisition of Worldpay in 2019.

FIS


(ticker: FIS) said it expects the tax-free spin-off to be completed within a year and that the two companies will maintain a commercial relationship. The move comes after the company announced a strategic review of its business and operations in December under new CEO Stephanie Ferris.