Brookfield-based financial technology company Fiserv Inc. said it will sell a majority stake of its lending solutions business to a New York private equity firm for $395 million in net after-tax proceeds.
Fiserv's definitive agreement with Warburg Pincus LLC will create a joint venture where Warburg Pincus will acquire a 55 percent share of Fiserv's lending solutions business, with Fiserv retaining a 45 percent equity interest in the business.
The transaction, which is subject to customary closing conditions, is targeted to close in the first quarter of 2018, according to a news release.
Fiserv's lending solutions business specializes in automotive lending origination technology, automotive lending servicing technology and process solutions, as well as comprehensive mortgage and consumer loan servicing solutions.
Read more in the Milwaukee Business Journal.