Fiserv Inc. (NASDAQ: FISV) announced it entered into a definitive agreement with Bridgeport Partners to form a joint venture encompassing its ATM Managed Services, Cash & Logistics, and MoneyPass businesses. The transaction requires regulatory approvals and customary closing conditions.

Under the agreement, Bridgeport Partners will assume operational control of the businesses and oversee day-to-day management upon closing. A governance structure will be established with both parties aligned on value creation and growth objectives.

"Fiserv has built strong, durable businesses serving financial institutions, merchants, and consumers across the ATM and cash ecosystem," said Mike Lyons, CEO of Fiserv. "This agreement reflects our One Fiserv approach, delivering positive client experiences, aligning each business with the operating model and investment best suited to drive growth and client outcomes."

Bridgeport Partners is a private equity firm focused on financial technology companies. The firm's principals have more than four decades of collective experience in banking and payments technology and services.

"These businesses play a critical role in the financial services ecosystem, and with the joint venture, we see a significant opportunity to accelerate growth meaningfully," said Frank Martire Jr., Executive Chairman of Bridgeport Partners.

The businesses will continue to operate as part of Fiserv until the transaction closes. The companies stated additional transaction details will be shared as appropriate.

The agreement aligns with Fiserv's strategy of actively shaping its portfolio around partners and operating models positioned to drive growth for each business unit.