04 Dec Fiserv completes acquisition of CheckFree
Brookfield, Wis. – Fiserv, a provider of information technology services to the financial industry, has announced the completion of its acquisition of CheckFree Corp.
The acquisition, announced in August of 2007, brings to Fiserv a provider of financial electronic commerce services and products, including electronic bill payment and Internet banking. More than 3,000 financial services websites use the electronic billing and payment services provided by CheckFree.
Under terms of the transaction, Fiserv acquired CheckFree for approximately $4.4 billion in cash, or $48 per share. Excluding the recent sales of Fiserv ISS and Fiserv Health, the combined company’s pro-forma revenue for 2006 was more than $4.5 billion.
In a related announcement, Jeff Yabuki will continue to serve as CEO and president of Fiserv, Inc., and Donald F. Dillon will continue to serve as chairman of the board. Tom Hirsch will continue as the company’s chief financial officer.
Norm Balthasar, company co-founder and senior vice president and chief operating officer, will officially retire on Dec. 31, 2007, after 33 years with the company.
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