Fiserv sells majority stake in insurance business

Fri. July 04, 2008; Posted: 05:12 AM

Jul 04, 2008 (Datamonitor via COMTEX) -- FISV | Quote | Chart | News | PowerRating -- Financial software and services firm Fiserv has agreed to sell 51% stake in its insurance business to Stone Point Capital for approximately $205m. Fiserv will retain a 49% stake as well as its management team and employee base in Fiserv Insurance Solutions.

Jeffery Yabuki, president and chief executive at Fiserv said: "Stone Point Capital brings a proven track record of insurance industry success that we believe will accelerate the growth opportunities for Fiserv Insurance Solutions and its clients. We will intensify our focus on delivering products and services within the broad financial services and payments landscape."

The transaction is expected to close this month.

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For full details on Fiserv Inc (FISV) click here. Fiserv Inc (FISV) has Short Term PowerRatings of 5. Details on Fiserv Inc (FISV) Short Term PowerRatings is available at This Link.

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