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Majority stake in Fifth Third Processing goes to Advent
March 30, 2009
Business First of Louisville:Fifth Third Bancorp says it will sell 51 percent of Fifth Third Processing Solutions to Advent International Corp. Boston-based Advent, a private equity firm, will pay $561 million in cash for the stake, including certain put rights. The deal is expected to close in the second quarter of the year. Under the agreement, the two companies will form a joint venture, called Fifth Third Processing Solutions LLC. The sale of all or part of Fifth Third's profitable processing business had been expected since last June, when the bank said it would shed "non-core assets" to shore up its capital.
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