Fidelity National Information Services

Track record is mixed.

The 2019 Worldpay acquisition ultimately led to significant write‑downs and a 2024 majority sale followed by full monetization in 2026. The 2026 acquisition of Issuer Solutions is strategically coherent, converting a non‑cash equity interest into scalable, recurring issuing economics, and management frames it as accretive to margins, EPS and free cash flow.

In 2025 FIS returned $2.1 billion to shareholders, including $1.3 billion of buybacks, and raised the quarterly dividend 10 percent to $0.44 beginning March 2026. Going forward, capital allocation emphasis is on deleveraging, with tuck‑ins paused near term. Execution on integration and synergy capture will be the key test.