New York, Feb. 14 - CheckFree Corp. said it has entered into a definitive agreement to acquire Corillian Corp. for a total of $245 million.
CheckFree will pay $5.15 for each Corillian share.
The companies said the acquisition will combine Corillian's widely used online banking platform and complementary suite of financial applications with CheckFree's industry-leading electronic billing and payment and online transaction services.
The merger is expected to close on June 1.
CheckFree will use cash and revolving debt to finance the acquisition.
CheckFree is an Atlanta-based provider of financial electronic commerce services and products.
Corillian is a Portland, Ore. online banking, payment and security services company.
| Acquirer: | CheckFree Corp.
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| Target: | Corillian Corp.
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| Payment per share: | $5.15
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| Announcement date: | Feb. 14
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| Expected closing date: | June 1
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| Stock price for acquirer: | Nasdaq: CKFR; $41.62 at close Feb. 13
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| Stock price for target: | Nasdaq: CORI; $3.45 at close Feb. 13
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