Fiserv has agreed to sell a majority stake in a part of its business that includes an Amherst operation.
Wisconsin-based Fiserv will sell a 55 percent share in its lending solutions business to a private equity firm, Warburg Pincus, for about $395 million in after-tax net proceeds. Fiserv will retain a 45 percent share in the business. The deal is expected to close in the current quarter.
The lending solutions business includes vehicle remarketing. The company's Amherst operation started out as Remarketing Services of America, which was launched in 1991 to manage, market and sell cars coming off leases. Daimler-Benz AG bought the business in 1996 and sold it to Fiserv, a financial data processing business, in 2001.
Fiserv will maintain its Amherst operations, said Cristy Williams, a company spokeswoman. The company is "committed to a seamless transition and maintaining continuity for clients and associates."