Fifth Third, Advent Close Joint Venture Deal

Published July 01, 2009, 1:00 a.m. EDT

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Updated July 01, 2009, 12:00 a.m. EDT

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Advent International Corp., an investment firm, Tuesday completed its purchase of roughly 51% of Fifth Third Bancorp's processing business through the establishment of a joint venture, according to the companies. Boston-based Advent announced its agreement with Fifth Third in March (CardLine, 3/30). The transaction is valued at approximately $2.35 billion before valuation adjustments by either party. Fifth Third will receive a pretax gain of roughly $1.7 billion on the transaction and retains a 49% interest in the joint venture, Fifth Third Processing Solutions LLC. "Reaction to this transaction from our clients has been very favorable," says Charles Drucker, Fifth Third Processing CEO.

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