Bank Tech M&A: Slowing Growth at Fiserv and FIS Leads to Value-Destructive Acquisitions
After a comprehensive review of the Fiserv-First Data and Fidelity National Information Services-Worldpay mergers, we believe these deals are value-destructive. We have downgraded Fiserv’s moat rating to narrow from wide and assigned it a negative moat trend rating. Though we view First Data’s competitive positioning favorably and believe it has a moat, we believe the economics of merchant acquiring are dilutive to Fiserv’s wide moat in core processing. Had Fiserv not acquired First Data, we wou...Worldpay is a holding company. Through its subsidiaries, the company provides electronic payment processing services to merchants and financial institutions. The company operates two segments: Merchant Services, which provides merchant acquiring and payment processing services to national merchants, regional and small-to-mid sized businesses; and Financial Institution Services, which provides card issuer processing, payment network processing, fraud protection, card production, prepaid program management, automated teller machine driving and network gateway and switching services that utilize the company's proprietary Jeanie debit payment network to a set of financial institutions.
Morningstar, Inc. is a leading provider of independent investment research in North America, Europe, Australia, and Asia. The company offer an extensive line of products and services for individual investors, financial advisors, asset managers, and retirement plan providers and sponsors.
Morningstar provides data on approximately 530,000 investment offerings, including stocks, mutual funds, and similar vehicles, along with real-time global market data on more than 18 million equities, indexes, futures, options, commodities, and precious metals, in addition to foreign exchange and Treasury markets. Morningstar also offers investment management services through its investment advisory subsidiaries and had approximately $185 billion in assets under advisement and management as of June 30, 2016.
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