Source: Fidelity National Information Services
Fidelity National Information Services, (NYSE: FIS) announced that it has completed the acquisition of EFD/eFunds Corporation.
Under the terms of the merger agreement, FIS acquired all of the outstanding shares of EFD common stock for approximately $1.8 billion in cash, or $36.50 per share.
William P. Foley, II, executive chairman of FIS, stated, "eFunds is an excellent fit for our company, and further strengthens our competitive positions in electronic processing and risk management services. FIS and EFD customers will benefit from a more comprehensive product offering and strong industry expertise."
"eFunds' products and services complement our existing businesses, and provide FIS with greater scale, product capability and expanded geographic reach," added Lee A. Kennedy, president and chief executive officer for FIS. "We look forward to working with the EFD team to deliver high quality and innovative solutions to our customers."
FIS expects to realize approximately $65 million in annual cost savings. The transaction is expected to be neutral to 2007 cash earnings per diluted share and accretive to 2008 cash earnings per diluted share, including synergies.
Within approximately one week, letters of transmittal and additional instructions regarding the process for exchanging shares for cash consideration of $36.50 per share will be mailed to EFD shareholders of record as of today's closing date.