Metavante Technologies acquires Fidelity National in all-stock deal

By Lisa Kerner

Charlotte, N.C., Oct. 2 - Fidelity National Information Services, Inc. completed its acquisition of Metavante Technologies, Inc. as planned on Oct. 1.

As previously reported, Fidelity agreed to acquire Metavante in an all-stock transaction valued at approximately $3 billion.

Metavante shareholders will receive a fixed exchange ratio of 1.35 shares of Fidelity common stock for each share of Metavante common stock they own.

The combined company will operate as FIS.

"With the completion of this strategic and transformative transaction, FIS has now enhanced its ability to deliver products and services, execute on a client cross-sales business model, and continue to grow globally," FIS president and chief executive officer Frank Martire said in a news release.

"The new FIS will continue to serve individual market segments, including community banking and credit unions; mid-tier and large financial institutions; international banking; specialized payments in government, healthcare, and education; and focus on driving operational efficiencies and scale," Gary Norcross, FIS corporate executive vice president and chief operating officer, said in the release.

Milwaukee-based Metavante Technologies is the parent company of Metavante Corp., which delivers banking and payment technologies to financial services firms and businesses.

Fidelity, located in Jacksonville, Fla., provides core processing for financial institutions; card issuer and transaction processing services; mortgage loan processing and mortgage-related information products.

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