Investment firms in talks to buy Fidelity National for $10 billion: report
07 May 2010
Three investment firms led by Blackstone Group, the world's biggest private-equity company, are reportedly in talks to acquire financial data processing company Fidelity National Information Services (FNIS) in what would be the biggest leveraged buyout since the onset of the global financial crisis.
Blackstone Group, Thomas H Lee Partners (THL) and TPG Capital are in talks to buy the Jacksonville, Florida-based FNIS for as much as $10 billion, said the Wall Street Journal today.
FNIS, a leading provider of technology to banks and provide software and services to companies that handle credit card transactions, loan processing and back-office systems, has a market capitalisation of nearly $11 billion.
FNIS process payments and issues cards for more than 14,000 institutions globally.
For 2009, FNIS reported a net income of $105.9 million on revenues of $3.8 billion.
Citing people familiar with the matter, the WSJ said that six banks, including Bank of America, Citigroup, Deutsche Bank, Barclays Capital, a unit of Barclays and J P Morgan Chase, are arranging the financing for the buyout.
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