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BROOKFIELD —
Fiserv, Inc. has entered into a definitive agreement to sell
majority interest of its Lending Solutions business to Warburg
Pincus LLC, a leading global private equity firm.
According to the
Wednesday announcement, Warburg Pincus will acquire a 55 percent
share of the Lending Solutions business of Fiserv and Fiserv will
receive approximately $395 million in net after-tax proceeds and
retain a 45 percent equity interest in the business.
Based in
Brookfield, Fiserv is a global provider of financial services
technology solutions.
According to the
announcement, the joint venture will include all of the automotive
loan origination and servicing products and related operations of
Fiserv, as well as its LoanServ mortgage and consumer loan servicing
platform. Fiserv will retain its Secure Lending product for
e-contracting and its UniFi mortgage origination solution.
The business
will continue to be led by Bret Leech, currently president of Fiserv
Lending Solutions, according to the announcement, and focus on
delivering a market-leading lending experience through innovative,
borrower-centric technology and processing solutions.
“Fiserv is
committed to delivering value for clients, and we expect this
partnership with Warburg Pincus to further enhance service and
innovation across the lending marketplace,” said Jeffery Yabuki,
president and chief executive officer of Fiserv, in a statement. “In
addition, we will continue to provide integration advantages to
ensure that our collective clients get the best of both
organizations to provide differentiated value for our clients,
associates and shareholders.” |
