March 18 (UPI) -- Finance company Fidelity National Information Services said Monday it's agreed to buy a major payment processing company for $35 billion -- the sector's largest acquisition to date.
FIS said in a statement it will acquire Worldpay, a London-based firm that was acquired by another company, Vantiv, just two years ago. It processes $40 billion transactions annually and handles 300 payment types and 120 currencies.
News of Monday's deal sent Worldpay shares higher on the London Stock Exchange. Together, Fidelity and Worldpay will have revenues of more than $12 billion, the companies said.
"Scale matters in our rapidly changing industry," FIS CEO Gary Norcross said in a statement. "Our two powerhouse organizations will combined forces to offer a customer-driven combination of scale, global presence and the industry's broadest range of global financial solutions."
The deal is expected to close late this year. The combined company will retain the FIS name and be headquartered at FIS in Jacksonville, Fla.
Analysts noted Monday that the merger is the largest yet in the payments and finance sector.