Marshall & Ilsley Corporation (NYSE:MI) said Wedensday it plans to split Marshall & Ilsley Corporation and Metavante Corporation into independent public companies. Under an investment agreement with Warburg Pincus, the private equity investor has agreed to invest $625 million to acquire an equity stake of 25 percent in the newly-independent Metavante Corporation. Marshall & Ilsley Corporation shareholders will own the remaining 75 percent of the shares of Metavante Corporation. "This transaction will create two well-positioned public companies and will provide substantial benefits to the shareholders of both companies," said Dennis Kuester, chairman and CEO, Marshall & Ilsley Corporation. "As a result of this transaction, both companies will have additional opportunities to focus on core businesses and grow profitably through enhanced capital flexibility." Metavante Corporation, as a stand-alone publicly traded company, will have approximately 5,500 employees. Metavante Corporation generated revenue of $1.5 billion and had net income of $160 million for the year ended December 31, 2006. It is anticipated there will be no management changes at Metavante Corporation, M&I said in a press statement. Metavante provides a wide range of transaction processing and technology solutions, including solutions for mortgage loan origination and servicing. As of December 31, 2006, Marshall & Ilsley Corporation, including Metavante Corporation, had assets of approximately $56.2 billion, net operating income of approximately $820 million, and approximately 14,700 employees. "When this transaction is completed, we will have access to financial resources to continue to build new products, acquire additional companies, invest in new technologies, as well as attract and retain the best employees in the industry. With $1.5 billion in revenue in 2006, Metavante Corporation now has approximately three times greater annual revenues than it did seven years ago," said Frank Martire, president and CEO, Metavante Corporation. "With 17 acquisitions and continued strategic product investments since the beginning of 2004, we have transformed our company into a uniquely diversified business, balanced between banking and payments technologies that have demonstrated above-industry average growth potential." For more information, visit http://www.metavante.com.