Financial information services provider Fidelity National Information Services, Inc. (FIS), Thursday said it completed the acquisition of Metavante Technologies, Inc. (MV) to form a new corporate identity known as FIS. Fidelity National indicated the combination as the world's largest provider of banking and payments technology.
According to the terms of the agreement, FIS will own all outstanding shares of Metavante common stock, with each Metavante shareholder receiving 1.35 shares of FIS common stock for each share of Metavante common stock held.
Jacksonville, Florida-based Fidelity National Information Services expects the combined scale, complementary product capabilities and market breadth of the two companies to drive significant competitive advantages in an increasingly dynamic marketplace.
Commenting on the acquisition, Gary Norcross, corporate executive vice president and chief operating officer, FIS, said, "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 in order to serve our clients around the world,"
Fidelity National also named a new leadership team for FIS, with Mike Hayford as the Chief Financial Officer of the new corporate entity.
FIS is currently trading at $25.43, down $0.07 or 0.27%, on a volume of 1.549 million shares on the NYSE.
MV is trading at $34.32, down $0.16 or 0.46%, on a volume of 0.243 million shares on the NYSE.
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