Motive Capital Management, LLC, led investors including Cannae Holdings entered into a definitive agreement to acquire a 60% stake in Investment Services Business of Fiserv, Inc. for approximately $510 million.

Motive Capital Management, LLC, led investors including Cannae Holdings entered into a definitive agreement to acquire a 60% stake in Investment Services Business of Fiserv from Fiserv, Inc. (NasdaqGS:FISV) for approximately $510 million on December 5, 2019. Under the agreement, Motive Partners-led investors will acquire up to 60% of the Investment Services business of Fiserv. Fiserv is retaining a 40% equity interest in the Investment Services Business.

The newly formed joint venture will continue to be led by Cheryl Nash, President of Investment Services at Fiserv. Upon the closing of the transaction, Rob Heyvaert, Founder and Managing Partner of Motive Partners, will serve as Executive Chairman of the joint venture. William P. Foley II, Executive Chairman of Cannae Holdings, Dun & Bradstreet and Black Knight and Alvi Abuaf, lead Industry Partner for Motive Partners, will also join the Board.

Other board member appointees include three Motive Partners and two Fiserv leaders including Richard Lumb, Industry Partners at Motive Partners, Scott Kauffman, Founding Partner at Motive Partners, Jim Cox, Executive Vice President at Fiserv, and Guy Chiarello, Chief Administrative Officer at Fiserv. Michael Froehlich, Industry Partner at Motive Partners, will also join the team to lead the firm's transformation. The transaction, which is subject to customary approvals and closing conditions, is targeted to close in the first quarter of 2020 and is expected to be slightly dilutive to the adjusted earnings per share of Fiserv in 2020.

Citigroup CIB acted as financial advisor to Fiserv, Inc. Kirkland & Ellis LLP acted as legal advisor to Motive Capital Management, LLC. Ashwath Rau and Anu Tiwari of AZB & Partners acted as legal advisors to Motive Capital Management, LLC.