MILWAUKEE – Shareholders in Marshall & Ilsley Corp. will receive stock in Metavante, the banking companies processing and EFT operations under a spin-off detailed yesterday in a filing with the Securities and Exchange Commission. Under the so-called sponsored spin-off, private equity fund Warburg Pincus LLC will acquire a 25% stake in the new public Metavante in exchange for a $625 million investment in Metavante. Metavante shares will be listed on the NYSE under the symbol ‘MV’. Separately, Frank Martire, the president of Metavante who will be CEO of the newly public company, reported he earned a quick $1.1 million last Friday by exercising 50,000 M&I options for $28.48 each, then selling the shares for $49.71 each.
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