Fidelity National to Buy Metavante for $2.94 Billion

Great news this morning. Fidelity National Information Services said that it will buy Metavante Technologies (MV) for $2.94 billion. Metavante shareholders will receive 1.35 shares of Fidelity National stock for each share they own of Metavante. That works out to a 23% premium over yesterday’s close.

This is great timing since I had just recommended Metavante in my Quantum Growth service on Monday. Metavante supplies financial reporting capabilities to banks, Internet banks, and financial services firms and businesses worldwide. Clearly firms are eager to merge as long as they price is attractive.

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