M & F Worldwide, a holding company, has acquired John H. Harland Co. for $1.7 billion. The transaction was a stock purchase, with each share valued at $52.75.
When the transaction is made final, Harland will be a subsidiary of M & F’s Clarke American Corp., which will be renamed Harland Clarke Holdings Corp. The combined entity will merge Clarke’s check printing, contact center services and direct marketing operations with Harland’s similar businesses.
Harland Clarke will be led by Chuck Dawson, Clarke American’s current president and CEO. Scantron, another unit, will be run by Jeff Heggedahl, who has been newly named to serve as president and CEO. John O’Malley will continue to be Harland Financial Solutions’ president and CEO.
In addition to Harland Clarke American, M & F Worldwide owns Mafco Worldwide Corp., which produces licorice extracts and related products.
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