The details of the buy out are largely unknown, but here is the press coverage today from Peter Lattman from the Wall Street Journal. To be clear, FNIS is really no longer a company. Fidelity split the business into FIS and LPS a number of years ago. This press release refers to assets controlled by FIS and does not impact LPS – the company behind the Paragon, reINsight, rDesk and other real estate and banking technology services.
Blackstone in Talks on $10 Billion Deal
Blackstone Group LP and other investors are in talks to acquire financial-data-processing company Fidelity National Information Services Inc., according to people familiar with the situation.
With a market capitalization approaching $10 billion, a deal for Fidelity National would be the largest leveraged buyout since the credit crisis struck nearly three years ago. The company also carries about $3 billion in debt.
There are a number of hurdles to completing a deal, and it could fall apart, the people said. A Fidelity National spokesman did not immediately return a request for comment.
Though Jacksonville, Fla.-based Fidelity National isn’t well known, it’s one of the largest U.S. companies providing technology services to the banking industry. It helps banks process credit-card transactions, service auto loans, and handles back-office functions for money managers. In Thursday morning trading on the New York Stock Exchange, Fidelity National shares traded down 16 cents to $25.84, giving the company a market value of $9.7 billion.
Write to Peter Lattman at firstname.lastname@example.org