The UK’s Competition and Markets Authority (CMA) announced its investigation into the proposed acquisition of Worldpay by Global Payments on September 16, 2025.
Background of the CMA Investigation
Following a preliminary invitation to comment issued in July 2025, the CMA decided to move forward with a formal investigation into whether the transaction could harm competition within the UK payment sector. This preliminary step was taken after Global Payments announced its intention to acquire Worldpay from Fidelity National Information Services (FIS) and private equity firm GTCR in April 2025.
The acquisition price was approximately USD 22.7 billion, with a total transaction value of about USD 24.25 billion. Additionally, Global Payments agreed to sell its Issuer Solutions business to FIS for a sum of USD 13.5 billion.
With the combined strength of both companies, it is estimated that they will serve over six million clients and process nearly 94 billion transactions annually in more than 175 countries. The CMA’s concern lies in potential negative impacts on competition in this market segment, as stipulated under the Enterprise Act 2002.
Timeline for the Review Process
The statutory review period will commence on September 17, 2025. By November 11, 2025, the CMA must decide whether to clear the deal or refer it to a more detailed Phase 2 investigation.
