Fidelity National Information Services is purchasing Metavante Technologies Inc. for approximately $10 billion in FIS stock. Under the terms of the sale, FIS will issue to Metavante stockholders 1.35 shares if its stock for every one share of Metavante stock they hold.
FIS is a supplier of core processing and payment management systems, along with card processing and outsourced services for more than 14,000 financial institutions worldwide, including thousands of credit unions. Metavante provides payment processing services and other banking services to 95 of the top 100 banks, the firm said.
The sale still has to garner the approvals of regulatory authorities and shareholders.
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