WSJ: Fifth Third to Sell 51% Stake in Its Payment Unit to Advent
In an article by Peter Lattman and Dan Fitzpatrick, the Wall St. Journal reports that "Fifth Third Bancorp is expected to announce Monday that it has agreed to sell a majority interest in its payment-processing unit to private-equity firm Advent International Corp." According to the article, Advent will pay Fifth Third $561 million in cash for 51% of the business. Apparently both Visa and MasterCard dropped out of the bidding for the Fifth Third unit.
