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Fiserv To Acquire CheckFree

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Fiserv Inc. has agreed to acquire CheckFree Corp. for $4.4 billion in cash.

Fiserv, Brookfield, Wis., sells information management services to banks and insurers.

CheckFree, Norcross, Ga., sells electronic payment services and other online banking services.

Fiserv wants to combine CheckFree electronic bill payment and settlement capabilities with Fiserv’s account processing and risk management systems, according to a Fiserv executive.

Fiserv hopes to complete the deal by Dec. 31.

After the deal is completed, CheckFree Chairman Pete Knight will go to work for Fiserv and join the Fiserv board, Fiserv says.