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.

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North American Title Insurance Company (NATIC) is a seasoned title insurance underwriter, helping title agents to achieve their individual business goals for more than 50 years. Today, the company conducts real estate settlement services in 39 states and the District of Columbia through a network of experienced, independent agents.