This week sees human resources service provider Ceridian Corporation begin operating under the ownership of financial services firm, Fidelity National Financial (FNF) and private equity firm, Thomas H Lee Partners following a $5.3bn (£2.6bn) acquisition deal.
FNF contributed about $525m (£253m) of the total $1.6bn (£772m) equity funding for the acquisition, and a 33% stake in Ceridian, which is based in the US and has offices in the UK.
William Foley, chief executive and chair at FNF, said: “Ceridian provides FNF with a company that has leading market positions in large, growing markets, long- term customer relationships, recurring revenue, strong cash flow and a significant margin expansion opportunity.”
In May Lloyds TSB signed a multi-million pound outsourced payroll deal with Ceridian.
