01 Oct Fidelity closes $4B acquisition of Metavante
The sale of Metavante Technologies Inc. to Fidelity National Information Services Inc. closed as scheduled Thursday morning with the value of the deal climbing to more than $4 billion due to the companies’ rising stock prices since the deal was announced six months ago.
The combined company will be known by the new name of FIS, which also has been the ticker symbol for Fidelity National.
Under terms of the merger agreement, Jacksonville, Fla.-based Fidelity National (NYSE: FIS) acquired all the outstanding shares of common stock in Brown Deer-based Metavante (NYSE: MV). Each Metavante shareholder received 1.35 shares of FIS common stock for each share of Metavante common stock.
Based on the stock price of Metavante Thursday morning, the deal is worth slightly more than $4 billion, which is more than $1 billion more than when the deal was announced on April 1. Metavante’s stock price closed at $21.92 on April 1 and was trading Thursday morning at $34.26.
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