Centerview Partners LLC is acting as financial advisor to Western Union and BofA Merrill Lynch is acting as financial advisor to ACI. Sidley Austin LLP is Western Union’s counsel and Jones Day is advising ACI.
ACI Worldwide (NASDAQ: ACIW), a leading global provider of real-time electronic payment and banking solutions, and The Western Union Company (NYSE: WU), a global leader in cross-border, cross-currency money movement, have entered into a definitive agreement for ACI to acquire Speedpay, Western Union’s United States bill pay business, for $750 million in an all-cash transaction. This acquisition brings together two leading bill pay portfolios in the rapidly-evolving U.S. electronic bill pay and presentment (EBPP) market.
Together, the ACI and Speedpay bill pay solutions will serve more than 4,000 customers across the U.S., bringing expanded reach in existing and complementary segments such as consumer finance, insurance, healthcare, higher education, utilities, government and mortgage. This will enable the combined business to more effectively serve a rapidly-evolving category as well as pursue additional vertical segments.
The acquisition of Speedpay will increase the scale of ACI’s On Demand platform business and will accelerate platform innovation through increased R&D spend and investments in ACI On Demand’s platform infrastructure. ACI will bring together the Speedpay and UP Bill Payment platforms into a unified bill payment platform that will support billions of transactions. Moreover, the combined ACI and Speedpay team of bill payments experts will bring together decades of vertical experience and payments thought leadership, developing and delivering end-to-end solutions that more efficiently address specific business needs and add more value to customers and partners.
Jones Day advised ACI Worldwide, Inc. with a team led by Robert A. Profusek (Picture).
Sidley is representing The Western Union Company with a team including Scott Williams (M&A), Mark Kaufmann (Technology and IP Transactions) and John Schaff (Tax) as well as counsel Anne Sutton (Technology and IP Transactions) and M&A associates Bret Diskin, Nidhi Chappidi and Michael Kesler.
Involved fees earner: Robert Profusek – Jones Day; Nidhi Chappidi – Sidley Austin LLP; Bret Diskin – Sidley Austin LLP; Mark Kaufmann – Sidley Austin LLP; Michael Kesler – Sidley Austin LLP; John Schaff – Sidley Austin LLP; Anne Sutton – Sidley Austin LLP; Scott Williams – Sidley Austin LLP;