Banking and payment solutions provider Metavante Technologies, Inc. (MV), said Friday that its shareholders overwhelmingly approved the proposed merger with Fidelity National Information Services, Inc. (FIS), at a special shareholder meeting.
Earlier on April 1, Fidelity, also a banking and payment technologies provider. had agreed to acquire rival Metavante in an all stock deal valued at about $2.95 billion. The deal had the approval of the board of both the companies. The Milwaukee, Wisconsin - based company and FIS are targeting an October 1, 2009, completion date for the merger, subject to customary closing conditions. The transaction is expected to be accretive to adjusted earnings per share in fiscal 2010.
The combination is expected to create a company with a pro forma enterprise value of $10 billion and the world's largest provider of comprehensive integrated payment and financial core processing services. The deal is expected to achieve cost synergies of about $260 million and increased long-term organic revenue growth for Fidelity.
Metavante Technologies, spun-off from Marshall & Ilsley Corp. (MI) in November 2007, has been offering processing services to about 8,000 financial institutions of all sizes for more than 40 years. Services include outsourced deposit, loan, and trust account processing, check processing, electronic funds transfer, commercial treasury services, and health care payment services.
In Friday's regular trading session, MV is trading at $31.98, down $0.68 or 2.08%, on a volume of 1.40 million shares. FIS is currently trading at $23.81, down $0.52 or 2.14%, on a volume of 2.21 million shares on the NYSE.
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