On Friday, I posted a press release announcinig that the Department of Justice cleared the way for an FIS/Metavante merger: See: FIS and Metavante Receive DoJ Clearance to Proceed with MergerLast July, I posted that Fidelity National Information Services was holding a special shareholder meeting See: Fidelity and Metavante to Hold Special Shareholder Meetings to vote on the merger. Apparently, Metavante was waiting on the DoJ clearance to hold and announce the results of their shareholders votes: RTTNews reports the vote was overwhelmingly "for"...
(RTTNews) - Banking and payment solutions provider Metavante Technologies, Inc., said Friday that its shareholders overwhelmingly approved the proposed merger with Fidelity National Information Services, Inc., FIS at a special shareholder meeting.
Earlier on April 1, Fidelity, also a banking and payment technologies provider. had agreed to acquire rival Metavante in an all stock deal valued at about $2.95 billion. The deal had the approval of the board of both the companies. The Milwaukee, Wisconsin - based company and FIS are targeting an October 1, 2009, completion date for the merger, subject to customary closing conditions. The transaction is expected to be accretive to adjusted earnings per share in fiscal 2010.
The combination is expected to create a company with a pro forma enterprise value of $10 billion and the world's largest provider of comprehensive integrated payment and financial core processing services. The deal is expected to achieve cost synergies of about $260 million and increased long-term organic revenue growth for Fidelity.
Metavante Technologies, spun-off from Marshall & Ilsley Corp. (MI) in November 2007, has been offering processing services to about 8,000 financial institutions of all sizes for more than 40 years. Services include outsourced deposit, loan, and trust account processing, check processing, electronic funds transfer, commercial treasury services, and health care payment services.
Related:
Jul 27, 2009
FIS will hold a special meeting of its shareholders to vote on the issuance of FIS common stock in connection with the merger of Metavante into a wholly owned subsidiary of FIS, and to vote on the issuance of approximately 16 million ...
Friday, September 4, 2009
FIS and Metavante Receive DoJ Clearance to Proceed with Merger
Fidelity National Information Services, Inc. and Metavante Technologies, Inc., Receive Department of Justice Clearance to Proceed with Planned Merger
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