Human resources service provider Ceridian starts work under owners Fidelity National Financial and Thomas H Lee in £2.6bn deal

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.

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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.