March 30 (Reuters) - Fifth Third Bancorp:
* Fifth Third Bancorp and advent international announce Fifth Third processing
solutions joint venture
* Says advent international will acquire a 51% interest in Fifth third's
processing business
* Says deal through establishment of jv that values the new company at about
$2.35 billion
* Says advent will pay $561 million in cash for 51 percent ownership interest
in the equity of the llc and for certain put rights
* Sees deal generating 'meaningful additions to our tangible common equity and
tier 1 capital ratios'
* Sees generating an expected pre-tax book gain of an estimated $1.7 billion
* Sees deal increasing co's tangible common equity and tier 1 capital by an
estimated $1.2 billion
* Says will retain remaining 49 percent interest in new company, Fifth Third
processing solutions, llc
((Bangalore Equities Newsroom; +91 80 4135 5800; within U.S. +1 646 223 8780))
(For more news, please click here) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
* Fifth Third Bancorp and advent international announce Fifth Third processing
solutions joint venture
* Says advent international will acquire a 51% interest in Fifth third's
processing business
* Says deal through establishment of jv that values the new company at about
$2.35 billion
* Says advent will pay $561 million in cash for 51 percent ownership interest
in the equity of the llc and for certain put rights
* Sees deal generating 'meaningful additions to our tangible common equity and
tier 1 capital ratios'
* Sees generating an expected pre-tax book gain of an estimated $1.7 billion
* Sees deal increasing co's tangible common equity and tier 1 capital by an
estimated $1.2 billion
* Says will retain remaining 49 percent interest in new company, Fifth Third
processing solutions, llc
((Bangalore Equities Newsroom; +91 80 4135 5800; within U.S. +1 646 223 8780))
(For more news, please click here) COPYRIGHT Copyright Thomson Reuters 2009. All rights reserved. The copying, republication or redistribution of Reuters News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Reuters.
© 2009 AFX News
