Willkie represents FIS, a global leader in financial services technology, in the sale of a majority stake in Capco to private investment firm Clayton, Dubilier & Rice.
On May 23, Willkie client FIS™ (NYSE: FIS), a global leader in financial services technology, and private investment firm Clayton, Dubilier & Rice announced a definitive agreement pursuant to which FIS will sell a majority ownership stake in Capco to CD&R, establishing Capco as an independent company. FIS will sell approximately 60 percent equity interest in its Capco business to CD&R funds for $477 million in cash.
Upon closing, FIS will also retain approximately 40 percent equity interest in the business. The transaction, which includes other consulting-related assets, is expected to close by early third quarter.
Capco, the public brand for FIS’ management consulting offering, is a global consulting organization specializing in business, digital and technology consulting services for the financial services industry. Upon closing, Capco will become a privately held company operating under the Capco name.
FIS is a global leader in financial services technology, with a focus on retail and institutional banking, payments, asset and wealth management, risk and compliance, consulting, and outsourcing solutions. Willkie represented FIS in its $9.1 billion acquisition of SunGard in 2015 and in the subsequent $850 million sale of its SunGard Public Sector and Education businesses to Vista Equity partners in 2016.
The Willkie deal team for the current transaction was led by partner Robert Rachofsky and included partners Christopher Peters, Mark Holdsworth, Eugene Chang and Thomas Henry; counsel Jacob Kleinman and Jonathan Konoff; associates Thomas Cantore, Christine Centola, Kapiljeet Dargan, Isabel Arajo, Matthew Makover, Jennifer Coffey and Eric DiMuzio; and law clerk Caroline Dreyspool.