Under terms of the transaction, Fiserv acquired CheckFree for approximately $4.4 billion in cash, or $48 per share. CheckFree’s client base of large financial institutions complements Fiserv’s base of more than 18,000 clients.
Jeffery Yabuki will continue to serve as CEO and president of Fiserv and Donald Dillon will continue to serve as chairman of the board. Tom Hirsch will continue as the company’s CFO.
Mr Yabuki said: CheckFree’s key strengths, world-class products and a culture of dynamic innovation will accelerate our Fiserv 2.0 strategies resulting in a client value proposition unrivaled in the market today. Both companies have been strong, and together we will be even stronger.