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Fiserv agrees to sell majority interest in insurance business
July 7, 2008
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ClaudeBROOKFIELD, Wis. — Fiserv Inc. has signed a deal with Trident IV, a private-equity fund managed by Stone Point Capital LLC, for Trident to acquire a 51-percent majority interest in Fiserv's insurance business. The deal is expected to close by the end of July.
According to a news release, Trident expects to invest approximately $205 million in equity and $335 million in debt in the business.
Fiserv anticipates getting approximately $515 million in net, after-tax proceeds.
Fiserv will retain a 49-percent equity interest in the business.
The current management team and employee base will remain with the company, Fiserv says, which will continue to operate as Fiserv Insurance Solutions Inc.
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