Fidelity National Information Services' board this week authorized a $2.5 billion stock repurchase program, offering to buy back its common for between $29 and $31 each. The stock has risen more than 40% this year. The firm, a top vendor to the mortgage industry, now has a market capitalization of roughly $9.8 billion. The news about the stock split comes a week after a leveraged buyout of the company fell apart. Last month, FIS reported that its 1Q profit nearly tripled, thanks to a big jump in processing and service revenue.
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