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Fidelity National/Worldpay deal has $1B termination fee

The pending merger of Fidelity National Information Services Inc. and Worldpay Inc. has a $1 billion termination fee to be paid to the terminating party under certain circumstances.

Under the terms of the merger agreement, each of Fidelity National and Worldpay may terminate the deal if the merger is not consummated on or before March 17, 2020; their respective shareholders did not approve the transaction; a governmental entity issues final non-appealable order, injunction or decree permanently enjoining the merger; or any of the parties breaches its covenants or agreements to the extent that such breach is not cured within a specified cure period or is not curable.

The terminating party will also have the right to receive the termination fee should the deal fail to close due to a change of recommendation by the nonterminating party's board of directors.