Narrow-moat Fidelity National Information Services FIS had previously announced its intention to spin off its Worldpay merchant acquiring operations, but it has now agreed to sell a majority stake to private equity firm GTCR instead. GTCR will take a 55% stake at a $17.5 billion valuation, with potentially another $1 billion in the future based on GTCR's returns. The deal values Worldpay at 9.8 times expected 2023 EBITDA, including corporate and additional stand-alone costs.