MILWAUKEE - Marshall & Isley shareholders overwhelmingly approved the spin off of the company's Metavante unit to them.
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M&I shareholders will receive shares in Metavante, the owner of the NYCE electronic payments network and of Endpoint Exchange, the national check and image exchange. Under the so-called structured spin off, Warburg Pincus is investing $625 million in the deal in exchange for a 25% stake in Metavante.
The spin off is scheduled to take place Thursday. Metavante shares will trade on the NYSE under the symbol "MV." M&I, a $61 billion bank holding company, will continue to trade as "MI."
