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Jan 31 (Reuters) - Payment processor Fidelity National Information Services Inc said it would buy the remaining 78 percent stake in mFoundry that it does not already own for about $120 mln in cash to focus on the mobile banking business.
Larkspur, California-based mFoundry, which provides mobile banking and mobile payments services to companies such as Bank of America Corp, PNC Bank and Zions Bancorporation , is backed by Bank of America, MasterCard Inc, PayPal, Intel Capital and private equity firm Apax Partners.
Fidelity, which already owns 22 percent in mFoundry, is expected to close the deal by the end of the first quarter, a statement from the company said.
Riverside, Jacksonville-based Fidelity's shares were marginally up at $37.27 on the New York Stock Exchange on Thursday.