Advent International and Fifth Third Bank have completed their Fifth Third Processing Solutions joint venture deal valued at $2.35 billion. The new company provides electronic payment acceptance and transaction processing services for business in the U.S. Advent acquired a 51% stake in the company for $561 million and for certain put rights. The new company has a total value of around $2.35 billion and was provided $1.25 billion of financing from Fifth Third.
Since the beginning of 2007, private equity firms have invested in 11 other payment and transaction processors, according to the PitchBook Platform. Fifth Third Processing Solutions is the first such deal to close in 2009 and the second biggest in valuation behind the massive Kohlberg Kravis Roberts led $29 billion First Data deal in 2007. The most active investor has been Inverness Management, adding on to its portfolio company Payment Alliance International twice.