B of A to Take 16% Stake in CheckFree
Bank of America Corp. said it would take a 16% stake in electronic payment company CheckFree Holdings Corp. in a deal to extend CheckFree’s online billing services to the 30 million households served by the nation’s largest bank. CheckFree and Bank of America, which already has 2.1 million customers banking online, also will team up to work on ways to improve the payment process on the Web, including building a technology platform designed for banks. CheckFree shares soared on the news, closing up $14.81, or 37%, at $54.38 on Nasdaq. Bank of America shares fell 50 cents to close at $51.25 on the New York Stock Exchange.
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