BROOKFIELD, WI—Fiserv Inc. is acquiring CheckFree Corp. for $4.4 billion, the companies announced yesterday. Under terms of the agreement, CheckFree shareholders will receive $48 in cash for each share of common stock.

CheckFree provides online banking, electronic payments, and infrastructure and services in several industries including the fitness business. Fiserv provides information management services to the financial and insurance industries. Fiserv anticipates the combined organization will deliver a wider range of product and service offerings for customers, as well as provide opportunities for improved growth and enhanced efficiency, including the ability to bring new products and systems to market faster, the company says.

Fiserv serves almost 6,000 core processing clients and all top 100 banks in the United States. CheckFree's Electronic Commerce business serves 21 of the top 25 financial institutions in the country and processes more than 1 billion transactions per year.

In conjunction with the closing of the transaction, Pete Kight, CheckFree chairman and chief executive officer, will be employed by Fiserv and appointed to its board of directors.

The transaction is expected to be completed by Dec. 31, 2007, subject to regulatory approvals, approval by CheckFree shareholders and customary closing conditions. After closing, the combined company will have pro-forma revenue of about $6 billion and employ more than 27,000 associates worldwide.