Fifth Third Bancorp Pares Down Its Stake in Vantiv
December 02 2015 - 07:29PM
Dow Jones News
By Maria Armental
Fifth Third Bancorp plans to further reduce its stake in
payment-processing firm Vantiv Inc.
The sale of 13.4 million Class A shares through a secondary
offering would reduce Fifth Third's voting power in Vantiv to
18.3%, from 18.5%, and end certain consent rights the
Cincinnati-based regional bank has as part of Vantiv's initial
public offering for such things as asset sales of more than $250
million and acquisitions or investments above $300 million.
Formerly known as Fifth Third Processing Solutions, Vantiv was
spun out from Fifth Third in 2009 and went public in 2012.
Citigroup is the underwriter.
In 2014, Vantiv reported $125.3 million in profit on net revenue
of $1.4 billion, adjusted for network fees and other costs,
compared with $133.6 million in profit and $1.17 billion in net
revenue a year earlier.
It reported processing about 16.3 billion transactions for more
than 700,000 merchants in the U.S.
-- Andrew R. Johnson contributed to this story.
Write to Maria Armental at maria.armental@wsj.com
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
(END) Dow Jones Newswires
December 02, 2015 19:14 ET (00:14 GMT)
Copyright (c) 2015 Dow Jones & Company, Inc.
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