PITTSBURGH - Mellon Bank Corp. said it has closed the previously announced sale of two information services businesses to Milwaukee-based Fiserv Inc. for about $52 million.
In a press release, Mellon said Fiserv may make additional payments contingent upon the revenue growth of the businesses over the next three years. Mellon originally projected a $15-million after-tax gain from the sale, but due to adjustments made during the closing it says any gain from the sale will be immaterial.
The businesses sold, Financial Institution Outsourcing and Data-Link Systems Inc., provide data processing and management information services to banks, thrifts, and mortgage companies.
The company said the two businesses generate aggregate annual revenues of about $65 million.