FIS sells 60 pct of Capco to CD&R for $477 mln

FIS said May 23 that it has agreed to sell a majority stake, 60 percent, of Capco to Clayton, Dubilier & Rice for $477 million. FIS will retain 40 percent. Capco provides business, digital and technology consulting services for the financial services industry. Russ Fradin, the former CEO of SunGard and current CD&R operating partner, will serve as chairman of Capco. Lance Levy will continue as Capco CEO. Barclays, Credit Suisse, BMO Capital Markets, HSBC Securities (USA) INC and HSBC Bank USA, National Association, and Natixis are providing financing.

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