Fiserv said it is selling substantially all of its healthcare businesses, including several managed-care and prescription benefits management companies, to Minnetonka, Minn.-based UnitedHealthcare, a subsidiary of UnitedHealth Group, for $775 million.
The Brookfield, Wis.-based information technology company said in a news release that the sale will allow it to focus on its products in the financial services industry, including healthcare banking and payment, while health plan giant UnitedHealthcare can continue to offer customized benefit services with a larger portfolio of plans.
The sale is expected to close in late 2007 or early 2008. Fiserv was trading up this morning on the Nasdaq exchange. -- by Jean DerGurahian