Fiserv, Inc. (NasdaqGS:FISV) acquired Open Solutions Inc. from The Carlyle Group LP (NasdaqGS:CG), Providence Equity Partners V, L.P. of Providence Equity Partners LLC, Michael Nicastro and Andrew Bennett and others for approximately $1 billion on January 14, 2013. Fiserv paid $55 million in cash and assumed indebtedness of Open Solutions of approximately $960 million, Fiserv repaid all of the assumed indebtedness on the closing date, other than $325 million aggregate principal amount of Open Solutions 9¾% senior subordinated notes due 2015, which will be repaid on February 13, 2013. Fiserv acquired $39 million of cash of Open Solutions.

Fiserv funded the payment of the cash consideration and the repayment of Open Solutions indebtedness with cash on hand and a borrowing of approximately $700 million under its amended and restated credit agreement. Post acquisition, Open Solutions will operate as a wholly owned subsidiary of Fiserv. The transaction has been approved by the Board of Directors of Fiserv and Open Solutions.

Benjamin F. Garmer and John K. Wilson of Foley & Lardner LLP acted as the legal advisor to Fiserv while Jennifer Perkins and Paul Kukish of Latham & Watkins LLP acted as the legal advisors to Providence Equity and Carlyle in the transaction. Credit Suisse Group AG acted as the financial advisor for Carlyle Group Limited, Providence Equity Partners LLC and Open Solutions Inc. Adam Blackman of Guggenheim Securities LLC acted as financial advisor for Open Solutions and Michael Weisser of Weil, Gotshal & Manges LLP acted as legal advisor for Providence Equity. Shearman & Sterling LLP acted as legal advisor for management team of Open Solutions Inc.

Fiserv, Inc. (NasdaqGS:FISV) completed the acquisition of Open Solutions Inc. from The Carlyle Group LP (NasdaqGS:CG), Providence Equity Partners V, L.P. of Providence Equity Partners LLC, Michael Nicastro and Andrew Bennett and others on January 14, 2013.