On June 27, 2007, Standard&Poor's Ratings Services placed its 'BB+' corporate credit and senior unsecured ratings for Jacksonville, Fla.-based Fidelity National Information Services Inc. (FIS) on CreditWatch with negative implications. The CreditWatch listing follows the announced merger agreement in which FIS will acquire Scottsdale, Ariz.-based EFD/eFunds Corporation (EFD) in an all-cash transaction valued at approximately $1.8 billion. The transaction is expected to be completed by the end of the third quarter of 2007, subject to certain regulatory approvals, approval by EFD shareholders and customary closing conditions. The acquisition of eFunds provides FIS with greater scale, extends its presence in the U.S. and international banking markets, and expands the distribution channel for its core processing and risk analytic services.
