Fidelity National Information Systems buys eFunds for $1.8bn

June 28, 2007

Electronic payment processor Fidelity National Information Services Inc. agreed to buy EFunds Corp. for $36.50 a share, or about $1.8 billion.

The cash deal would boost Jacksonville, Fla.-based Fidelity's debit-card payment business. Shares of Scottsdale, Ariz.-based EFunds on Wednesday rose 73 cents, or 2.1%, to $35.33. The stock is up 24% since May 9, when EFunds indicated that it had been contacted by suitors.

Fidelity, which was spun off by title insurer Fidelity National Financial Inc. last year, climbed $1.31, or 2.5%, to $54.41 on Wednesday. The stock is up 54% in the last year.