The Trident IV private equity fund will acquire a 51 percent majority interest in the insurance business of Fiserv Inc., an information technology services firm, in a deal worth more than $500 million, Fiserv said.
Trident IV, managed by Stone Point Capital LLC, a private equity firm based in Greenwich, Conn., will invest approximately $205 million in equity and $335 million in debt to acquire the business, said Brookfield, Wis.-based Fiserv.
Fiserv said it expects to receive approximately $515 million in net after-tax proceeds and to retain a 49 percent equity interest in Fiserv Insurance Solutions. The transaction is anticipated to close in July 2008, "subject to regulatory approval and other customary closing conditions."
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