Fifth Third Bancorp (FITB) is cashing in some of its stake in Vantiv (VNTV).
The $117 billion-asset company said Friday it expects to recognize a pretax gain of roughly $140 million in the fourth quarter from the sale of 12.4 million shares of common stock in Vantiv that the payments processor is selling on Fifth Third's behalf.
The shares represent roughly 15% of Fifth Third's stake in Vantiv, which went public in March. Fifth Third will continue to own roughly 33% of Vantiv following the sale.
A Fifth Third spokeswoman declined to comment on the sale.
Fifth Third said in November it expects to use proceeds from the sale for general corporate purposes, including reinforcing its balance sheet and buying back common stock.
Vantiv was a joint venture established in 2009 between the private-equity firm Advent International and Fifth Third's banking unit, Fifth Third Bank.
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