As previously reported, KeyBanc analyst Josh Beck downgraded Worldpay (WP) to Sector Weight from Overweight after the company and FIS (FIS) announced a deal, quickly adding another mega-deal in the wake of Fiserv (FISV)-First Data (FDC) and Global Payments (GPN)-Heartland Payment Systems. The analyst thinks this transaction is likely to expand the M&A discussion around Global Payments, TSYS (TSS), EVO Payments (EVOP), and i3 Verticals (IIIV) and sees paths to accretion should management teams further endorse a scale strategy. Future processing competition could increase among Global Payments, TSYS, First Data, and JPMorgan (JPM), but it remains too early to gauge, he contends.