Fidelity National Information Services To Sell Public Sector And Education Businesses For $850 Mln
Fidelity National Information Services Inc. will sell its SunGard Public Sector and Education businesses to Vista Equity Partners for $850 million, the financial technology company said on Wednesday. Shares of Fidelity were inactive in premarket trade. The sale, which is expected to close in the 2017 first quarter, includes all of SunGard's software addressing public safety and public administration needs of government entities as well as the needs of K-12 school districts. Under Vista the SunGard Public Sector business will become a new independent company, while the education business will become part of Vista-owned PowerSchool, according to a news release. Fidelity previously expected the Public Sector and Education businesses to contribute 15 cents to 16 cents to full-year 2017 adjusted earnings per share. The FactSet consensus on 2017 per-share earnings is $4.38. Shares of Fidelity are up more than 24% in the year to date, outperforming the S&P 500 Index , which is up more than 8%.
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