UIL Holdings Corporation’s Subsidiary, American Payment Systems To be Acquired by CheckFree Corporation

December 18, 2003
Wiggin & Dana law firm client, UIL Holdings Corporation (NYSE: UIL), announced that it has entered into an agreement to sell its wholly owned subsidiary American Payment Systems, Inc. (APS), a leading U.S. provider of walk-in bill payment services, to CheckFree Corporation (Nasdaq: CKFR), a leading provider of financial electronic commerce services and products.  Wiggin & Dana’s William Perrone, Chair of the firm’s Business Practice Department and Information Technology Practice Group, and Noel Hanf, formerly Managing Partner of the firm, represented UIL in the deal.
 
Based in Wallingford, Connecticut, APS provides walk-in bill payment services through an extensive national network of more than 8,000 retail and agent locations, which reaches 70 percent of consumers in the top 75 U.S. metropolitan areas.  Today, APS enables 7 million households to process nearly 120 million payments.  
 
Now in its 23rd year of providing financial electronic commerce services and products, CheckFree is comprised of three divisions:  Electronic Commerce, Software, and Investment Services.  CheckFree launched the first fully integrated electronic billing and payment solution in 1997.
 
Under the terms of the agreement, and pending receipt of regulatory approvals and satisfaction of customary closing conditions, CheckFree will pay approximately $110 million in cash for the outstanding stock of APS.  The transaction is expected to close before June 30, 2004.
 
Founded in New Haven, Conn., in 1934 with predecessor firms dating back to the 19th century, Wiggin & Dana has 155 attorneys and offices in New Haven, Hartford and Stamford, Connecticut, Philadelphia, Pennsylvania, and New York City. The firm’s expertise includes all forms of litigation and dispute resolution, antitrust, complex corporate and real estate transactions, health care, environmental, franchise and distribution, biotechnology, intellectual property, Internet and e-commerce, estate planning, and labor and employment.  For more information on the firm, visit the website at www.wiggin.com.