MILWAUKEE – Marshall & Ilsley reported yesterday that the recently completed spin-off of its Metavante technology unit provided a net gain of $526 million.
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The regional banking company received $1.7 billion from the spin-off, which it used to retire $1 billion in debt.
Metavante, the parent of Endpoint Exchange image exchange network and NYCE electronic funds network, was spun-off in a structured transaction, with private equity fund Warburg Pincus acquiring a 25% stake in Metavante in exchange for a $625 million investment.
