Fiserv, CheckFree close $48-per-share merger

By Lisa Kerner

Charlotte, N.C., Dec. 4 - Fiserv, Inc. completed its $4.4 billion acquisition of CheckFree Corp., it was announced on Tuesday.

CheckFree shareholders will receive $48 per share in the all-cash deal.

Funding for the transaction included $2.5 billion in proceeds from a five-year term loan, $1.75 billion in proceeds from publicly issued five- and 10-year notes and proceeds from credit facilities, a Fiserv news release stated.

"Combining our two companies' broad range of market leading capabilities will provide a platform to deliver unprecedented innovation in financial services technology," Fiserv president and chief executive officer Jeffery Yabuki said in the release.

Yabuki will continue as Fiserv president and CEO, while Donald F. Dillon will continue in his position as chairman of the board. Tom Hirsch will remain as the company's chief financial officer.

Former CheckFree chairman and CEO Pete Kight will be named vice chairman of Fiserv and will lead new product development and strategic integration. Kight will also join Fiserv's board.

Fiserv's senior executive vice president and chief operating officer Norm Balthasar will retire as planned on Dec. 31 but will assist with the merger transition through June 2008. Balthasar's plan to retire was announced in 2005.

Based in Brookfield, Wis., Fiserv provides information management systems and services to the financial and insurance industries. CheckFree is a Norcross, Ga., provider of financial e-commerce services and products.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.