Tags: MERGERS | ACQUISITIONS | COMPANIES | BLACKSTONE | FIDELITY NATIONAL | FNF | BX

Blackstone in Talks to Buy Fidelity National: Source

Thursday, 06 May 2010 01:32 PM

 

Private equity firm Blackstone Group is in talks to buy electronic payment processor Fidelity National Information Services (FIS), which would rank as the biggest leveraged buyout since the financial crisis, a source familiar with the situation said Thursday.

FIS's shares rose 16 percent to $30.27, giving it a market capitalization of more than $11 billion.

The company recently reported a rise in profits for the first quarter, with net income of $93.6 million, compared with $33 million a year ago.

FIS was not immediately available for a comment. Blackstone declined to comment.

Large leveraged buyouts have been pretty much extinct since the summer of 2007, when the financial crisis halted most financing for big deals, banks were left stuck with debt and the economy was on the verge of melting down. For an analysis: But conditions have turned around, with the economy recovering, stock markets rebounding and confidence returning to the banking sector.

Up until now, the multiple billions of dollars needed for big deals have remained elusive. That is changing. Bankers and private equity firms have started viewing mega-buyouts of $10 billion or more as achievable — something that was not even on the radar just six months ago.

It is a turnaround for a market that has not seen large deals since the end of the buyout boom when there were LBOs such as Blackstone's $26 billion deal to buy Hilton hotels and Kohlberg Kravis Roberts' $26 billion deal to buy payment processor First Data.

© 2015 Thomson/Reuters. All rights reserved.

Around the Web
Join the Newsmax Community
Please review Community Guidelines before posting a comment.
>> Register to share your comments with the community.
>> Login if you are already a member.
blog comments powered by Disqus
 
Email:
Country
Zip Code:
Privacy: We never share your email.
 
Hot Topics
Follow Newsmax
Like us
on Facebook
Follow us
on Twitter
Add us
on Google Plus
Around the Web
Top Stories
You May Also Like

Google's Waze App Endangers Police: LAPD Chief

Wednesday, 28 Jan 2015 07:26 AM

Google's newly acquired Waze application poses a danger to police because of its ability to track their locations, the L . . .

Famed SC Civil Rights Protesters to Have Records Erased

Wednesday, 28 Jan 2015 07:21 AM

Nine black men are getting a new day in court in South Carolina, 54 years after they served a month of hard labor for or . . .

Kaiser Poll: Most Say Restore Obamacare If Court Kills It

Wednesday, 28 Jan 2015 06:59 AM

More than 6 in 10 Americans would want Congress to restore federal financial assistance for millions buying health care  . . .

Most Commented

Newsmax, Moneynews, Newsmax Health, and Independent. American. are registered trademarks of Newsmax Media, Inc. Newsmax TV, and Newsmax World are trademarks of Newsmax Media, Inc.

 
NEWSMAX.COM
America's News Page
©  Newsmax Media, Inc.
All Rights Reserved