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FNIS, Metavante announce $3 billion merger

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A merger of Fidelity National Information Services Inc. and Metavante Technologies Inc. will create the world's largest provider of payment and processing services to the financial industry, the companies said Wednesday. Pending approval by regulators and shareholders of both companies, Milwaukee, Wis.-based Metavante will be merged into a newly formed subsidiary of Fidelity National Information Services in an all-stock deal valued at about $3 billion. The combined companies would have $5.2 billion in annual revenue -- and $3.8 billion in debt, including $1.45 billion in new obligations associated with the merger, which is expected to close in the third quarter. Fidelity National Information Services said it will receive equity investments from its former parent company, title insurer Fidelity National Financial Inc., and affiliates of a private-equity firm, Thomas H. Lee Partners LP, for which it will issue 16 million new shares. The companies expect the merger to generat...