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The UK’s Competition and Markets Authority (CMA) has approved Global Payments’ proposed $22.7 billion acquisition of Worldpay, marking a major milestone for one of the largest payments industry mergers in recent years.
CMA clears Global Payments’ Worldpay takeover
The Phase 1 clearance removes a significant regulatory obstacle and signals confidence that the deal will not substantially reduce competition in the UK payments market.
The CMA confirmed the outcome following a review launched in September 2025, having first invited comments from stakeholders in July.
The full text of the decision is expected to be published shortly, detailing the authority’s assessment of market overlaps, customer switching behaviour, and competitive dynamics across merchant acquiring and payment gateway services.
The approval means the transaction will not proceed to a more detailed Phase 2 investigation, an outcome typically reserved for deals that raise competition concerns.
Reshaping the Global Payments Landscape
Global Payments first announced the acquisition in April 2025 as part of a broader three-way restructuring involving FIS and private equity firm GTCR.
Under the terms, Global Payments will acquire Worldpay in a cash-and-stock deal valued at around $24.25 billion—equating to a net purchase price of $22.7 billion after accounting for tax assets.
To streamline its portfolio, Global Payments will divest its issuer solutions division to FIS for $13.5 billion, reinforcing its strategic focus on merchant commerce solutions.
The combined entity is expected to handle tens of billions of transactions annually, positioning Global Payments as one of the largest merchant acquirers worldwide, with strongholds in Europe and North America.
Integration with Worldpay’s extensive client base and global infrastructure could further accelerate the adoption of innovative cross-border and omni-channel payment technologies.
Market Shaped by Choice
The CMA’s Phase 1 clearance appears consistent with its previous decisions in cases such as PayPal/iZettle and Visa/Plaid, which emphasised the competitive pressures created by market entry, technological innovation, and multi-homing by merchants.
In the UK, Global Payments and Worldpay face intense rivalry from established players such as Barclaycard, Lloyds Cardnet, Elavon, Adyen, Stripe, and PayPal, alongside a growing cohort of specialist fintech providers.
This diversity of suppliers likely informed the CMA’s view that sufficient competition would remain post-merger.
It also underscores the regulator’s evolving approach to payments consolidation—balancing competition oversight with recognition of rapid technological change in digital commerce.
Wider Implications
Although the UK approval is a significant step, the transaction still requires clearance from other jurisdictions before completion, which the companies expect in H1 2026.
Once finalised, the merger will mark a defining moment in the global consolidation of payment processors, shaping the competitive landscape for merchants and consumers alike.
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