Fiserv Agrees to Sell Majority Interest in its Insurance Business

02.07.08 - 17:29 ... source : Fiserv

... Agreement will increase focus on payments and transactional services to the financial services industry BROOKFIELD, Wis., Jul 02, 2008 (BUSINESS WIRE) -- Fiserv, Inc. (NASDAQ:FISV), a leading provider of information technology services to the financial and insurance industries, today announced it has signed a definitive agreement with Trident IV, a private equity fund managed by Stone Point Capital LLC, in which Trident will invest approximately $205 million in equity and $335 million in debt to acquire a 51 percent majority interest in Fiserv's insurance businesses. Fiserv expects to receive approximately $510 million in net after-tax proceeds and to retain a 49 percent equity interest in Fiserv Insurance Solutions. The transaction is anticipated to close in July 2008, subject to regulatory approval and other customary closing conditions. The transaction will include nearly all aspects of Fiserv's ins ...» Next (HTML)