Billion-dollar bank-tech deals buck weak M&A trend
Len DeProspo, bank technology analyst at Janney Montgomery Scott in Philadelphia, notes there's been a couple of $2 billion- plus acquisitions in his sector in the past three days
There's supposed to be a global drop in merger and acquisition deal announcements this year, with the pharmaceutical consolidations, Pfizer-Wyeth and Merck-Schering Plough, accounting for most of the big borrowing and the job-loss fears.
But Len DeProspo, bank technology analyst at Janney Montgomery Scott in Philadelphia, reminds me there's been a couple of $2 billion-plus acquisitions in his sector in the past three days:
- Advent International, Boston, bought a controlling interest in Fifth Third Corp.'s payment-processing business for $2.4 billion, announcement here;
- Fidelity National Information Systems, Jacksonville FL, is buying Metavante, Milwaukee, for $2.9 billion, announcement here.
