Fifth Third Bancorp Pares Down Its Stake in Vantiv

   By Maria Armental 
 

Fifth Third Bancorp plans to further reduce its stake in payment-processing firm Vantiv Inc.

The sale of 13.4 million Class A shares through a secondary offering would reduce Fifth Third's voting power in Vantiv to 18.3%, from 18.5%, and end certain consent rights the Cincinnati-based regional bank has as part of Vantiv's initial public offering for such things as asset sales of more than $250 million and acquisitions or investments above $300 million.

Formerly known as Fifth Third Processing Solutions, Vantiv was spun out from Fifth Third in 2009 and went public in 2012.

Citigroup is the underwriter.

In 2014, Vantiv reported $125.3 million in profit on net revenue of $1.4 billion, adjusted for network fees and other costs, compared with $133.6 million in profit and $1.17 billion in net revenue a year earlier.

It reported processing about 16.3 billion transactions for more than 700,000 merchants in the U.S.

-- Andrew R. Johnson contributed to this story. 
 

Write to Maria Armental at [e-mail]

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(END) Dow Jones Newswires

December 02, 2015 19:14 ET (00:14 GMT)

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