Fiserv (FISV) Re-Affirms '08 Adjusted Earnings Guidance; Authorizes Repurchase of 10 Million Shares
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Fiserv, Inc. (NASDAQ: FISV) announced it has signed a definitive agreement with Trident IV, a private equity fund managed by Stone Point Capital LLC, in which Trident will invest approximately $205 million in equity and $335 million in debt to acquire a 51% majority interest in Fiserv's insurance businesses.
In connection with the sale, Fiserv also affirmed its 2008 adjusted earnings per share guidance range of $3.28 to $3.40 from continuing operations. Fiserv expects the transaction to be accretive to its long-term revenue, earnings and margin growth rates.
In a related action, the Fiserv Board of Directors authorized the repurchase of up to an additional 10 million shares of Fiserv common stock.
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