M&F Worldwide completes $1.7 billion acquisition of John H. Harland

By Lisa Kerner

Charlotte, N.C., May 1 - M&F Worldwide Corp. completed its $52.75-per-share acquisition of John H. Harland Co. in a transaction valued at $1.7 billion.

Harland is now a wholly owned subsidiary of Clarke American Corp., which is a wholly owned subsidiary of M&F Worldwide.

As part of the closing, Clarke American's outstanding senior secured credit facility and Harland's outstanding credit facility were repaid in full and some 99.9% of Clarke American's 11¾% senior notes due 2013 were repaid.

The acquisition and debt repayment were funded with new borrowings by Clarke American, including a $1.8 billion senior secured term loan and $615 million principal amount of senior notes due 2015.

Harland shareholders approved the merger agreement on March 28. The companies announced their definitive agreement on Dec. 20.

M&F Worldwide is the New York-based parent company of Clarke American and offers marketing services and products to customers of financial institutions.

Atlanta-based Harland provides printed products and related services sold to the financial institution market.

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