More NewsFiserv to Acquire CheckFree

Fiserv to Acquire CheckFree

Fiserv and CheckFree have entered into a definitive agreement whereby Fiserv will acquire CheckFree in an all-cash transaction valued at approximately US$4.4bn. Under terms of the agreement, CheckFree shareholders will receive US$48 in cash for each share of common stock. Fiserv hopes that the combined organisation will deliver a wider range of product and service offerings for customers, as well as provide opportunities for improved growth and enhanced efficiency, including the ability to bring new solutions to market faster. In conjunction with the closing of the transaction, Pete Kight, CheckFree chairman and CEO, will be employed by Fiserv and appointed to its board of directors. Fiserv expects to realize more than US$100m in annualised cost savings and more than US$125m in annualised revenue synergies. For 2008, the transaction is expected to be added to Fiserv’s underlying cash earnings per share. The transaction is expected to be completed by 31 December 2007, subject to regulatory approvals, approval by the CheckFree shareholders and customary closing conditions. After closing, the combined company will have pro-forma revenue of about US$6bn and employ more than 27,000 associates.

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