Information technology service provider Fiserv Inc., of Brookfield, Wis., today announced it has signed a definitive agreement to sell the large majority of its health businesses for $775 million to UnitedHealthcare, part of Minneapolis-based healthcare powerhouse United Health Group.

Pending required regulatory approvals and closing conditions, the transaction is expected to close by the end of this year or the first quarter of next year.

The deal includes the purchase of Fiserv Health Plan Administration, Fiserv Health Plan Management, Innoviant, Innoviant Pharmacy, Avidyn Health and four other components of Fiserv Health’s ancillary businesses. Fiserv will retain its workers’ compensation services organization, which includes the recent WorkingRx acquisition, and health banking solutions business CareGain Inc.

According to Fiserv, it expects to receive approximately $475 million in net transaction proceeds. Depending on reinvestment, the company anticipates a possible slight dilution to its 2008 earnings per share in a range of 1 to 3 percent. Fiserv also expects the transaction to be accretive to its 2008 revenue, earnings and margin growth rates.