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Harland Clarke Holdings Announces Definitive Agreement to Sell Harland Financial Solutions to Davis + Henderson Corporation

Harland Clarke Holdings Corp., a wholly owned subsidiary of MacAndrews & Forbes Holdings Inc., today announced that it has entered into a definitive agreement to sell its subsidiary, Harland Financial Solutions, to Davis + Henderson Corporation for $1.2 Billion in cash. Harland Financial Solutions accounted for approximately 15% of Harland Clarke Holdings business in 2012.

Harland Clarke Holdings will continue to be a leading provider of best-in-class integrated payment solutions, security and transactional printing, marketing services, security and identity protection solutions, retail products, business process outsourcing, as well as data management and assessment. Harland Clarke, the company’s largest business segment, services approximately 12,500 financial and commercial institutions through multiple channels. Its clients range in size from major corporate brands and trade groups to micro-businesses and individual consumers, and participate in industries such as financial services, healthcare, insurance, telecommunications, and retail. The company’s comprehensive suite of integrated marketing solutions includes business intelligence and analytics, management, strategic services, and award-winning creative development. Harland Clarke’s payment solutions include checks, cards and related products and services, as well as high-value transactional documents printing that includes statements, compliance documents and communications. Its retail division services big box retailers, large direct selling businesses, and membership-based and affinity organizations by providing a variety of products and services, including checks and related products, cash management and fulfillment services, private label materials, and small business marketing materials.

"This transaction is a validation of the world-class customer focus and technological innovation that are hallmarks of the businesses under Harland Clarke Holdings. Harland Clarke Holdings will continue to focus on aggressively building and further diversifying our portfolio of industry-leading businesses," saidChuck Dawson, chief executive officer of Harland Clarke Holdings Corp.

The sale is subject to customary closing conditions, including the expiration or termination of applicable waiting periods under the Hart-Scott-Rodino Antitrust Improvements Act, and is expected to close in the third quarter of 2013.

Credit Suisse Securities (USA) LLC is acting as financial advisor and Paul, Weiss, Rifkind, Wharton & Garrison LLP is acting as legal counsel for Harland Clarke Holdings in the transaction.