CINCINNATI -- Cards processor Vantiv Inc. said Friday it expects to record a tax-receivable liability of up to $130 million in the fourth quarter in connection with a share-exchange agreement with Fifth Third Bancorp, its former parent.
Vantiv was established through a joint venture between Fifth Third and Advent International in 2009. It launched as a public company in March.
Fifth Third and its affiliate plan to sell 10.6 million Class A shares in Vantiv, in exchange for the same amount of Class B shares in the payment processing company. Under the terms of the agreement, Fifth Third will continue to hold an 18.5% stake in Vantiv.
Vantiv, formerly known as Fifth Third Processing Solutions, provides processing and other services for more than 800 credit unions.
