Metavante's purchase of NYCE moves forward

Metavante's purchase of NYCE moves forward
Tags: EFT Networks, Transaction Processing
June 13, 2004

MILWAUKEE, Wis. - Bank of America Corporation, Citigroup Inc., HSBC USA Inc. and J.P. Morgan Chase & Co., all minority shareholders of the NYCE Corporation, have waived their rights to match the terms of a definitive agreement for Metavante Corporation to purchase NYCE.

The agreement, announced on May 17 by Metavante and and NYCE majority owner First Data Corporation, provides for the purchase of substantially all of NYCE's stock by Metavante for approximately $610 million in cash.

The transaction remains subject to regulatory approvals, according to a news release.