FIS To Separate Merchant Solutions Business

(RTTNews) - Financial services technology company FIS (FIS) Monday announced its plan to spin off Merchant Solutions business.

Commenting on the separation, Board Chairman Jeffrey Goldstein said, "The pace of disruption in payments is rapidly accelerating, requiring increased investment in growth and a different capital allocation strategy for our Merchant Solutions business."

Following spin-off, Merchant Solutions business will operate as Worldpay, the company said in a statement.

Charles Drucker, who is the strategic advisor to the deal, will serve as CEO of Worldpay once it is concluded, FIS added.