JACKSONVILLE, Fla. – Fidelity National Information Services, the former conglomerate since unwound, plans to raise as much as $320 million for its pending acquisition of Metavante Technologies from two old partners Thomas H. Lee and Fidelity National Financial (Title), its one-time affiliate.
Under a complicated deal arranged by Bill Foley, the chairman of both FIS and FNF, FNF will buy 3.2 million shares of the newly created FIS for about $70 million and Lee, the well-known Boston investment fund, will buy 12.9 million shares for $250 million. Lee participated in earlier Foley deals, providing a $250 million investment in 2002 which helped the company embark on an acquisition spree.
Foley build Fidelity National into a conglomerate with deals for Aurum Technology, ALLTEL Information Services, VISTA Information Solutions, Sanchez Computer Associates and InterCept. and Certegy, the credit union cards processor. Then he spun it off Fidelity National Information Services from the title insurance business. Last year he spun off Lender Processing Services, one of the nation’s largest mortgage processors.
Both FIS and Metavante have scheduled special shareholders meeting for Sept. 4 to vote on the $3 billion stock-swap deal.
