UK Opens Probe Into Global Payments’ $24B Worldpay Deal
UK Watchdog Launches Phase 1 Review
The UK’s Competition and Markets Authority (CMA) has formally opened an investigation into Global Payments’ $24.25 billion acquisition of Worldpay, citing potential risks to competition in the payments market. The notice, released on 16 September 2025, confirmed that the merger filing submitted by both companies meets the requirements of the Enterprise Act 2002.
The statutory review period begins on 17 September, with the CMA required to decide by 11 November 2025 whether the deal should be cleared or referred to a more detailed Phase 2 probe. Phase 1 investigations usually last 40 working days and assess whether a merger could realistically result in a “substantial lessening of competition.” If referred to Phase 2, the authority conducts a six-month in-depth review that may lead to remedies such as divestments or, in extreme cases, blocking the deal entirely.
Investor Takeaway
Why the CMA Is Investigating
The investigation follows a preliminary invitation to comment in July 2025, when the CMA first flagged concerns about whether the merger could harm competition in the UK’s highly active payments market. With over 60% of all UK transactions made via cards in 2024—amounting to more than £900 billion in spending—the watchdog has highlighted how consolidation could rapidly alter market dynamics.
The UK payments landscape is among the most competitive in Europe, featuring major international firms like PayPal, Stripe, and Adyen alongside domestic leaders such as Barclaycard. Any merger of top-tier processors could reduce choice, increase fees, or limit innovation, the CMA has argued in previous cases. This explains its decision to progress beyond informal consultation and initiate a formal inquiry into Global Payments’ takeover of Worldpay.
Inside the $24.25B Transaction
The deal was first announced in April 2025, when Global Payments agreed to acquire Worldpay from Fidelity National Information Services (FIS) and GTCR. The of $22.7 billion, with the total reaching $24.25 billion later than adjustments. As part of the transaction, Global Payments also agreed to a $13.5 billion divestiture of its Issuer answers business back to FIS, creating a two-part reshaping of both companies’ portfolios.
Worldpay has long been a crown jewel in payments. FIS originally acquired the business in 2019 for $43 billion in one of the largest payments industry deals ever. However, as growth sluggished and fintech , FIS moved to restructure and unwind parts of the business. GTCR, which had acquired a minority stake in Worldpay, agreed to trade its holding alongside FIS in the 2025 transaction.
Competition Risks and Global Scale
If approved, the deal would create one of the world’s largest payments processors outside China. Worldpay’s strength in online and enterprise payments would combine with Global Payments’ established SME-focused operations. Together, the companies would serve more than six transactions annually across 175 countries.
Global Payments is currently the sixth-largest processor worldwide, while Worldpay ranks among the top three acquirers of e-commerce transactions globally. A merged entity would rival the scale of Adyen and JPMorgan Payments, sparking concerns that fewer players could . From the CMA’s perspective, this raises questions about pricing power, customer choice, and barriers for new entrants. Under the Enterprise Act, the regulator has authority to impose remedies if it finds that the merger would substantially reduce competition.
Investor Takeaway
What’s Next
The CMA will now collect evidence and feedback from competitors, customers, and industry experts as it determines whether to escalate to Phase 2. While many large deals ultimately clear, this transaction’s size and impact make deeper scrutiny likely. The outcome will set a precedent for how aggressively UK regulators monitor consolidation in financial infrastructure at a time when payments are increasingly digital and global.
For Global Payments and Worldpay, the challenge lies in convincing regulators that the merger will benefit customers through efficiency and innovation rather than reducing competition. For investors, the CMA’s verdict could significantly influence the timing, structure, and ultimate success of one of the most ambitious payments deals in recent years.
