8-KLeadership ChangesAcquisitions & DispositionsRegulation FD+1

FISERV INC 8-K Report, Acquisition Completed (Dec 7, 2007)

Filed December 7, 2007For Securities:FISV

Summary

Fiserv, Inc. has officially completed its acquisition of CheckFree Corporation as of December 3, 2007. The transaction, valued at approximately $4.4 billion, involved Fiserv acquiring all outstanding shares of CheckFree common stock for $48.00 per share in cash. CheckFree will now operate as a wholly-owned subsidiary of Fiserv. This significant acquisition is expected to reshape Fiserv's business landscape, though the full impact and integration details will be closely monitored by investors. The filing also notes the departure of a key executive, Norman Balthasar, COO, effective December 31, 2007, who will assist with integration efforts until June 30, 2008. In conjunction with the merger, Peter J. Kight, the founder and former CEO of CheckFree, has been appointed to Fiserv's board of directors as Vice Chairman. His transition into Fiserv, along with the integration of CheckFree's operations and employee stock options, are key aspects of this new chapter for Fiserv. Investors should pay close attention to future filings for details on the financial and operational integration of CheckFree, as well as any strategic shifts resulting from this large-scale acquisition.

Key Highlights

  • 1Fiserv Inc. completed the acquisition of CheckFree Corporation for approximately $4.4 billion in cash.
  • 2Each CheckFree share was acquired for $48.00 in cash.
  • 3CheckFree Corporation is now a wholly-owned subsidiary of Fiserv Inc.
  • 4Peter J. Kight, founder and former CEO of CheckFree, has been appointed to Fiserv's board of directors as Vice Chairman.
  • 5Norman Balthasar, Fiserv's COO, will retire on December 31, 2007, but will assist with the CheckFree integration until June 30, 2008.
  • 6Unvested CheckFree stock options and restricted stock were converted into Fiserv equivalents as per the merger agreement.

Frequently Asked Questions

The acquisition of CheckFree Corporation was completed for approximately $4.4 billion in cash.

Fiserv paid $48.00 per share in cash for each outstanding share of CheckFree common stock.

Peter J. Kight, the founder and former CEO of CheckFree, has been appointed to the Fiserv board of directors as Vice Chairman.

Yes, Norman Balthasar, Fiserv's Senior Executive Vice President and Chief Operating Officer, will retire on December 31, 2007. He will remain with the company until June 30, 2008, to help with the transition and integration of CheckFree.