Fiserv Jumps on Plans to Sell Majority Stake in Insurance Businesses
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[July 02, 2008]

Fiserv Jumps on Plans to Sell Majority Stake in Insurance Businesses

(Midnight Trader Via Acquire Media NewsEdge) Boston, Jul 02, 2008 (MidnightTrader via COMTEX News Network) --

Fiserv Inc. (FISV) is up more than 5% at mid-day after it said it would sell its 51% stake in its insurance businesses to private equity fund Trident IV for $205 million in stock.

Trident, will also assume $335 million of debt as a part of the deal. Fiserv will retain a 49% equity interest in the business. It jumped at the bell and rose to a high of $48.54 before falling back to $47.82. The stock closed yesterday at $45.30



The company, which sees the deal hurting its 2008 earnings by 2 cents to 3 cents a share, reaffirmed its 2008 adjusted earnings per share view of $3.28 to $3.40 from continuing operations.

Separately, the company said its board had approved a buyback of up to 10 million shares, or about 6% of the company's common stock.



Price: 47.92, Change: +2.63, Percent Change: +5.81

Copyright (C) 2008 MidnightTrader.com. All rights reserved.
Unauthorized reproduction is strictly prohibited.

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