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Equifax Inc., one of the three major credit repositories, will spin-off Certegy Inc., formerly known as Equifax Payment Services.
The company's board of directors approved the move on June 11.
The spin-off was accomplished through a special dividend of Certegy stock distributed on July 7, 2001, to Equifax shareholders of record as of June 27. Equifax shareholders received one share of Certegy common stock for every two shares of Equifax stock and will receive a cash payment in lieu of fractional shares.
Equifax will continue to trade on the New York Stock Exchange under the symbol "EFX." Certegy also is listed on the NYSE and is under the symbol "CEY."
The two companies will be separated for accounting purposes on June 30. The exact timing of the spin and ...
Source: HighBeam Research, Equifax Spins Off Payment Services.(Certegy Inc.)(Brief Article)