CINCINNATI – Fifth Third Bancorp, which created processing giant Vantiv, Inc. and helped take it public earlier this year, expects to earn as much as $280 million with the sale of as many as 13.6 million Vantiv shares registered last week.
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Fifth Third said it plans to sell at least 12.45 million Vantiv shares and as many as 1.2 million more share to underwriters in an over-allotment.
After the sale, Fifth Third, which established Vantiv, then known as Fifth Third Processing Solutions, in 2009 through a joint venture with Advent International, will continue to hold an 18.5% stake in the company, which processes cards for more than 800 credit unions.
