MILWAUKEE – Marshall & Ilsley yesterday announced its shareholders will vote at a special meeting Oct. 25 on the structured spin-off of the company’s Metavante subsidiary to shareholders. Under the deal, Warburg Pincus LLC will invest $625 million in Metavante and receive a 25% stake in the new publicly traded company. M&I said it received a favorable ruling from the IRS last week on the tax-free nature of the spin-off and the transaction has been cleared by federal antitrust regulators. The spin-off is scheduled to be completed in the fourth quarter.
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