(RTTNews) - Motive Partners-led investors agreed to acquire up to 60% of the Investment Services business of Fiserv Inc. (FISV).
Fiserv will receive about $510 million in net after-tax proceeds, while it retains a 40% equity interest in the business.
The newly formed joint venture will continue to be led by Cheryl Nash, President of Investment Services at Fiserv. Upon the closing of the transaction, Rob Heyvaert, Founder and Managing Partner of Motive Partners, will serve as Executive Chairman of the joint venture. William Foley II, Executive Chairman of Cannae Holdings, Dun & Bradstreet and Black Knight and Alvi Abuaf, lead Industry Partner for Motive Partners, will also join the Board.
The transaction is targeted to close in the first quarter of 2020 and is expected to be slightly dilutive to the adjusted earnings per share of Fiserv in 2020.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.