Under the terms of the agreement, each share of FIS common stock will be exchanged for 0.6396 shares of Certegy common stock. The deal will give Certegy shareholders a 32.5% stake in the combined company. FIS will own the remaining stake, with parent company Fidelity National Financial owning 50.3% directly.
The name of the combined company will become Fidelity National Information Services, and it is expected to have its shares of common stock trade on the New York Stock Exchange under the trading symbol ‘FIS’.
Our businesses are complementary, rather than competitive and we believe there are some very significant and unique revenue synergy opportunities, particularly in the community bank, credit union and international markets, said Fidelity chairman and CEO William Foley.
The transaction is subject to a variety of conditions, including the effectiveness of a proxy statement for a Certegy stockholder vote, Certegy stockholder approval, all necessary regulatory approvals and other customary closing conditions.
