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The sum of $1.8bn does not go as far as it used to. Just four years ago, Fidelity National Information Services, known as FIS, merged with another fintech, Worldpay, valuing the latter at $43bn. On Thursday, FIS said it would sell a majority stake in Worldpay to private equity at a valuation of $18.5bn.
Annual ebitda for Worldpay at the time of both transactions was around $1.8bn. This implies that the valuation multiple of the business has crashed from 24 times to 10 times in the spa
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